According to Global Macro Investor Raoul Pal, Singapore’s sovereign wealth fund Temasek Holdings has been purchasing Bitcoin from miners.
This information was revealed by Raoul during a recent podcast appearance. However, he also repeated the same claim on Twitter.
The information was however, not confirmed by Temasek Holdings.
Temasek Holdings Limited is a Singaporean holding company, owned by the Government of Singapore. It owns and manages a net portfolio of S$306 billion (as of 31 March 2020).
The sovereign wealth fund manager is not new to cryptocurrency space. Back in 2018, it invested in Binance Singapore, a platform that allows Singaporeans to buy Bitcoin and cryptocurrency.
At the time of writing, one Bitcoin is worth US $53,773.47 (S$72,422.92). According to Coindesk data, it was worth around US $14,000 (S$18,855) in 2018.
The popularity of Bitcoin has recently been soaring to new heights, and even traditional banking giants like Morgan Stanley have started offering access to Bitcoin funds.
Most recently, electric car giant Tesla has also started accepting Bitcoin as a payment method for its vehicles.
Featured Image Credit: Financial Times