Basil Al Askari said at least one fund is already accumulating Bitcoin and another could follow within weeks, as sovereign participation may strengthen the case for broader institutional adoption.
At least one sovereign wealth fund is accumulating spot Bitcoin during price declines and another may begin buying in the coming weeks, MidChains CEO Basil Al Askari said. He said the activity sends a clear signal to institutions that look to large sovereign funds as leaders in the asset class. The comments point to a potentially important source of demand because sovereign wealth funds globally control more than $13 trillion in assets, making even limited allocations material for crypto markets.