Sovereign Wealth Funds and Institutions Boost Bitcoin Investments Since April, Citing Dollar Hedge

Coinbase has reported that sovereign wealth funds and institutional investors have been the largest contributors to Bitcoin investments since April. This trend has seen these large entities quietly accumulating the cryptocurrency. John D’Agostino, Coinbase’s Head of Institutional Strategy, highlighted Bitcoin’s appeal to these investors as a hedge against a weakening dollar. He also emphasized Bitcoin’s portability, noting that unlike gold, significant amounts of Bitcoin can be easily transported, stating, ‘You can’t put $400 million of gold in your pocket, but you can do it with BTC.’ To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant