Convincing the world's sovereign wealth funds about the advantages of investing in bitcoin still poses challenges, according to an analyst.
"Max is saying Qatar may have added bitcoin to their balance sheet. If true all we can say is thank you Max Keiser," U.S. financier Anthony Scaramucci posted on X.com.However, Fadi Aboualfa, head of research at Copper, questioned the likelihood of any sovereign wealth fund choosing bitcoin over fixed income or more traditional assets during capital allocation.
In the case of the QIA bitcoin investment rumors, Aboualfa said the nation would be better off using its uncaptured gas to mine bitcoin. "That would be growth in terms of revenue against natural resources that they already have and are not being used, and the most expensive part of mining bitcoin," he added.However, Aboualfa suggested that bitcoin could potentially appeal to countries seeking to disentangle themselves from a dollar-dominated global financial system.
Despite doubts about sovereign wealth funds worldwide investing in bitcoin, one analyst cited signals indicating that these financial institutions are showing interest in the digital asset sector."One element of the institutionalization of crypto, which surely appeals to sovereign wealth funds, and also family offices, is the new tooling used for sophisticated portfolio managers," cryptocurrency derivatives trader Gordon Grant said.