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The Israel Investment Fund Group (IIFG) has announced that it has invested a massive $2.3 billion in Bitcoin. The announcement notes that the latest Bitcoin investment comes as part of their portfolio diversification strategy. It also notes that the global strategic plan will help Israel lead to the future. The Fund Group manages the sovereign wealth fund of the Asian country.
כחלק ממדיניות הפיזור של פורטפוליו השקענו 2.3 מיליארד בביטקוין.
זה חלק מאסטרטגיה עולמית להוביל את ישראל לעתיד המטבע
— Israel Investment Fund Group (@gegelsmr) July 9, 2021
Government institutions are warming up to cryptocurrencies.
After criticizing Bitcoin over the years, it looks like government institutions are now warming up to asset class. Bitcoin’s staggering 200% compounded returns over the last year make it one of the most lucrative assets classes. It is not the first time that a country’s sovereign fund is seeking exposure to Bitcoin. Earlier in March 2021, it was reported that Singapore’s sovereign wealth fund Temasek has been investing in Bitcoin since 2018. The latest announcement from IIFG comes on the heels of the Defence Ministry’s announcement that it has started to seize Bitcoins used by the militant group Hamas.
Several countries are turning to digital currencies.
Amid China’s ongoing crackdown on Bitcoin and crypto, several other countries are showing affinity towards the world’s leading cryptocurrency. As reported earlier, Latin American country El Salvador passed the Bitcoin law-making the cryptocurrency a legal tender in the country. However, it has received some criticism from regulators for its move into bitcoin. Other Latin American countries facing major inflation and economic slowdown challenges have also shown interest in adopting Bitcoin. On the other hand, U.S. lawmakers have started seeking exposure to BTC. According to a recent announcement, a number of U.S. Senate members invested in Bitcoin over the last few months.