A powerful sovereign wealth fund from Abu Dhabi has made its confidence in Bitcoin crystal clear. In an interview with Bloomberg, a spokesperson for the Abu Dhabi Investment Council (ADIC) stated that they view Bitcoin as a "store of value," similar to Gold! ๐ฐ
What Happened? ๐ค
ยท A Massive Investment: Al Warda Investments, a firm overseen by ADIC, tripled its position by a staggering 230%.
ยท Focus on IBIT: This investment was made in BlackRock's Bitcoin ETF, IBIT.
ยท Mega Holdings: After this strategic move, Al Warda now holds nearly 8 million shares, valued at a massive $517.6 Million (approx. โน4,300 Crores)! ๐
Why Is This So Important? ๐ง
๐ Institutional Stamp of Approval: A financial Titan like Abu Dhabi recognizing Bitcoin as "Digital Gold" is a powerful signal for global investors.
๐ Long-Term Vision: The company clearly stated that it plans to hold Bitcoin as part of both its near and long-term strategy. This isn't a temporary trade, but a solid belief in its value.
๐ Confidence in the Asset: This move was made as Bitcoin was approaching its record high in October, showing that this Giant established its position before the major price rally.
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