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The Mubadala wealth fund from the United Arab Emirates is now investing in cryptocurrencies, says CEO



The cryptocurrency space continues to be adopted by traditional financial institutions.

The CEO and Managing Director of Mubadala Investment Company, one of the United Arab Emirates' sovereign wealth funds, has announced that the fund is no longer skeptical of cryptocurrencies and is now investing in the ecosystem.

Khaldoon Al Mubarak told CNBC in a recent interview that the cryptocurrency space has seen massive growth over the past two years. For this reason, the fund is trying to increase its investment in space. He said:

“I think it (crypto) is real. This is a business that was valued at $ 200 billion two years ago and is now valued at $ 2.5 trillion and continues to grow. Although many people are skeptical, I don't fall into that category. "

Mubadala Investment Company currently manages more than $ 234 billion in assets, making it one of the largest wealth funds in the United Arab Emirates and worldwide.

The CEO stated that the fund, headquartered in Abu Dhabi, is now actively investing in cryptocurrencies. Their investments went beyond cryptos as they also invest in blockchain companies and other crypto-related businesses.

The cryptocurrency space has attracted numerous traditional financial institutions since the beginning of the year. The growth of the market has convinced many institutional investors to now consider Bitcoin and other cryptocurrencies as an inflation hedge.

This latest development came in spite of the fact that Bitcoin is currently struggling below the $ 50,000 mark. Bitcoin hit an all-time high of $ 69,044 last month but has underperformed since then. At the time of writing, Bitcoin is trading around the $ 49,000 mark per coin.

Bitcoin has lost nearly 30% of its value since its all-time high. The declining performance has spread to other leading cryptocurrencies, with Ethereum, Binance Coin, Solana, Cardano and others all struggling.

Despite the recent struggles, market experts are optimistic that the medium- and long-term outlook for Bitcoin and other cryptocurrencies remains positive.

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