Sovereign funds see Bitcoin discount as entry point: MidChains CEO

It sends “a very clear signal” to other institutions that may be sitting on the sidelines and looking at these larger funds as leaders, said MidChains CEO Basil Al Askari.

Sovereign wealth funds have been accumulating spot Bitcoin, a sign that Bitcoin’s current price level is becoming attractive to institutional investors, according to MidChains CEO Basil Al Askari.

While there has been a slowdown in retail crypto market participation, the opposite is being seen on the institutional and corporate side, Basil Al Askari said on Cointelegraph’s “Chain Reaction” podcast on Monday.

“I would be able to confirm that one, at least one, and possibly in the coming weeks, two sovereign wealth funds have been accumulating spot Bitcoin specifically,” he said.