Israel Sovereign Fund Group invests $2.3 billion in Bitcoin

With several countries leaning towards Bitcoin, the Israel Investment Fund Group (IIFG) also announced an investment of $2.3 billion in Bitcoin.

According to the announcement, the latest Bitcoin investment serves as part of their portfolio diversification strategy. It also notes that the global strategic plan will assist Israel to lead the future. This Fund Group manages the sovereign wealth fund of the Asian country.

After criticizing Bitcoin over the years, it looks like government institutions are now warming up to cryptocurrencies. It is not the first time that a country’s sovereign fund is seeking exposure to Bitcoin. Singapore’s sovereign wealth fund Temasek also invested in Bitcoin in March 2021. The latest investment from IIFG comes when its Defence Ministry has initiated the seizure of Bitcoins used by the militant group Hamas.

Despite China’s ongoing crackdown on Bitcoin, several other countries are showing great affinity towards it. For example, earlier this month, Latin American country El Salvador made Bitcoin a legal tender in the country. However, later it received some criticism from regulators for this move.

Other Latin American countries facing significant inflation and economic slowdown have also shown interest in adopting Bitcoin. Similarly, U.S. lawmakers have also started seeking exposure to BTC. According to a recent announcement, several U.S. Senate members invested in Bitcoin in the past few months.

Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.