Coinbase Executive: Sovereign Wealth Fund is Heavily Buying Bitcoin

BlockBeats News, April 24th, according to Cointelegraph's report, Coinbase's Institutional Coverage Group Strategic Lead, John D'Agostino, stated that by April 2025, sovereign wealth funds and other institutions are accumulating a significant amount of Bitcoin (BTC), while retail investors are exiting the market through ETFs and spot sales.

In a recent interview, this Coinbase executive compared Bitcoin to gold, stating that many institutional investors are buying Bitcoin to hedge against currency inflation and macroeconomic uncertainty.

The executive stated: "Bitcoin's trading is based on its core characteristics, which are similar to gold, possessing scarcity, immutability, and the portability of a non-sovereign asset. So the way it trades is just how those who believe in Bitcoin want it to trade."