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Whether it’s from Raoul Pal, Plan B, Willy Woo, Michael Saylor or any voice in the bitcoin community one of the most common themes weโve been hearing in 2021 is that the institutions are coming, which will drive a huge demand in crypto, particularly Bitcoin, when institutions add it to their balance sheets. Cathie Wood has stood firm on her predicted $500,000 bitcoin price, primarily based on her belief that there will be massive institutional money coming in the future.
For some HODLโers, these calls for institutional money seemed far fetched. It wasnโt too long ago many institutions and voices in the โtraditionalโ financial space shunned Bitcoin. In 2019, Fame Hedge Fund Investor Ray Dalio called Bitcoin a bubble and said it was ineffective as a store of value. CEO of JP Morgan Jamie Dimon called Bitcoin a fraud and said if he found any of his employees trading bitcoin, heโd fire them in a second for two reasons; it’s against our rules and they are stupid. Both have since adopted some form of blockchain technology into their strategy.
Now we have another crypto skeptic turned believer, but this time, itโs coming from the Middle East. Khaldoon Khalifa Al Mubarak, CEO of the Mubadala Investment Company, said in an interview with CNBC that he now believes cryptocurrency is โrealโ. Mubadala Investment Company is a state-owned company based in the United States of Emirates that currently has $243 billion worth of assets under management across 6 continents. Al Mubarak says his plans are to move into the crypto space. He is also a member of the Executive Council of Abu Dhabi and believes his firm can change the crypto sector. Hereโs what he had to say.
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