- Temasek is hesitant to put money into crypto firms because of regulatory uncertainty.
- Its CIO Rohit Sipahimalani mentioned the crypto market with CNBC at the moment.
- Temasek additionally recorded his worst comebacks since 2016 on Tuesday morning.
Now will not be the time to put money into crypto firms, says Rohit Sipahimalani, Temasek’s Chief Funding Officer.
Why does Sipahimalani keep away from crypto?
Bitcoin’s large rally for the reason that begin of this yr has established that cryptocurrencies are right here to remain. The current request for a Spot Bitcoin ETF from BlackRock can be a further stamp of approval.
Nonetheless, Sipahimalani is reluctant to reveal his Singapore-based funding agency to crypto firms because of regulatory uncertainty. Talking to CNBC This Morning, he stated:
There may be a number of regulatory uncertainty on this surroundings. We might not be comfy investing in exchanges given the present state of affairs.
The Securities and Change Fee is at the moment going through Ripple – the corporate behind XRP. He additionally sued Biance and Coinbase just lately for violating US securities legal guidelines.
Temasek was as soon as an investor in FTX
Additionally on Tuesday, the general public conglomerate cited macroeconomic and geopolitical challenges and posted a 5.07% drop in its annual shareholder return – the worst it has seen since 2016.
In keeping with Sipahimalani, Temasek Holdings Restricted is open to investing in crypto firms, however solely in a extra favorable surroundings.
If in case you have the appropriate regulatory framework, we’re comfy with it, and you’ve got the appropriate funding alternative, there isn’t any purpose we should not look into it.
Word that Temasek decreased its whole funding in FTX final November to “zero”. The web value of his writing portfolio is round $287 million.
