Key Takeaways

• Bitwise says an unnamed sovereign wealth fund is selling gold and foreign exchange to fund part of its crypto allocation.

• The finding provides context for the firm’s earlier $1.3 million Bitcoin forecast for 2035.

• Over roughly nine years, to 2035, that would mean a compound annual growth rate of about 35.4%.

A sovereign wealth fund is selling gold and foreign-exchange reserves to finance part of its crypto investment, according to Bitwise — a striking example of digital assets competing for money held in traditional…