Abu Dhabi sovereign fund invests in cryptocurrency ecosystem! Confidence in blockchain technology

Khaldoon Al Mubarak, CEO of Mubadala, Abu Dhabi's sovereign wealth fund, recently admitted in an interview with CNBC that the fund is investing funds in the cryptocurrency ecosystem, including blockchain technology. The cryptocurrency market has grown rapidly in the past two years. The market value has increased from billions of dollars to 3 trillion U.S. dollars. Unlike other doubters, he has confidence in cryptocurrency and the technology behind it.

Khaldoon Al Mubarak said: I think (cryptocurrency) is real. This is a business that was 200 billion U.S. dollars two years ago but has reached 2.5 trillion U.S. dollars today and is still growing. Therefore, although many people are skeptical, I do not belong to those people.

He did not disclose the amount of Mubadala's bet on the cryptocurrency field, but indicated that the fund's investment is focused on related infrastructure: from our point of view, I think we are focusing on the cryptocurrency ecosystem, and we are investing in the ecosystem as well. , May be in the blockchain, energy use or other aspects, etc.

In addition, he emphasized that the uncertainty regarding the regulatory environment for cryptocurrencies must be eliminated. He expects that relevant regulations will continue to develop and that cryptocurrencies will be regulated as an asset class.

Mubadala is one of the world's largest sovereign wealth funds, with assets under management of approximately US$243 billion. The investment in MidChains, a crypto asset exchange in the United Arab Emirates (UAE) in 2019, is the fund's first investment in the cryptocurrency field.

In recent years, the UAE’s regulatory regulations for cryptocurrency have grown exponentially, proving that the country’s investment interest in the cryptocurrency sector continues to rise. The UAE has also established a special investment zone to help support emerging cryptocurrency and blockchain technology.

American celebrity investor Kevin O'Leary, who hosted the venture capital reality show "SharkTank", said in October this year that Middle Eastern investors with deep pockets only need to decide to allocate a small portion of their funds to the cryptocurrency industry to invest in the cryptocurrency market. Push to unimaginable heights. For the cryptocurrency field, the inflow of capital from the Middle East will be an incredible opportunity. Kevin O’Leary said: The real opportunity does not lie in those family offices or hedge funds outside the Middle East. The real money will come from Saudi Arabia and the UAE, and the scale will be as high as hundreds of billions of dollars... They (Middle East) have not allocated funds in the field of cryptocurrency. Once they do that, you will see that reflected in the Bitcoin market.