Bitcoin’s Wild Ride: Abu Dhabi’s Wealth Fund Goes All In! 🚀💰

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So, guess what? Mubadala Investment, that fancy sovereign wealth fund from Abu Dhabi, has decided to throw caution to the wind and splurge a whopping $436 million on shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT). I mean, who needs a yacht when you can have Bitcoin, right? 🛥️💸

And hold onto your hats, because Bitcoin just had a little party and spiked to nearly $98,000! Yes, you heard that right! It reached an intraday high of $97,772, according to CoinGecko data. I can just picture the Bitcoin bulls dancing in the streets! 💃🕺

Former Binance CEO Changpeng Zhao has hinted that other Abu Dhabi-based sovereign wealth funds might just jump on this crypto bandwagon. Because, obviously, if one wealth fund is doing it, it’s practically a trend! 🤑

Global implications

Now, let’s get serious for a second. Bitcoin evangelist Anthony Pompliano is out there preaching that this purchase is going to be a game-changer for the strategic reserve initiative in the U.S. He’s basically saying, “Look, if Abu Dhabi is buying hundreds of millions in Bitcoin, then the U.S. is definitely going to follow suit!”

“Abu Dhabi’s sovereign wealth fund just revealed they are buying hundreds of millions of dollars in bitcoin and people still think the United States won’t buy bitcoin. The Strategic Bitcoin Reserve is happening,” Pompliano tweeted, probably while sipping a fancy latte and wearing his Bitcoin-themed socks. ☕🧦

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2025-02-14 20:38