In an interview with CNBC, the CEO of Mubadala revealed that the Abu Dhabi state fund has invested in the crypto ecosystem. Khaldoon al-Mubarak, the Mubadala CEO, revealed that he doesn’t belong to the category of crypto skeptics. He expressed his astonishment at the growth of the global crypto market – from $200 billion in 2019 to nearly 3 trillion dollars right now. The net worth of Mubadala’s assets is around $243 billion.
While Mubarak was tight-lipped when it came to stating an exact figure in terms of the fund’s investments in the crypto ecosystem, he was quite vocal about where the money would be spent. Mubarak also revealed that two of the primary points of investment would be energy usage and blockchain tech.
Cryptocurrency remains a contentious subject, even though its adoption is increasing around the world. Earlier in 2021, El Salvador legalized Bitcoin as legal tender. However, the year has also seen brutal crackdowns in China, along with impending legal regulations that will be enforced on virtual currencies in the USA and India.
This has created a division – on the one hand, there are the crypto advocates, and on the other, there are the skeptics. The former belief in the potential of cryptocurrencies and how they can make transactions easy and accessible for all. However, skeptics say that cryptocurrencies operating in tandem with official currencies will lead to an economic disaster. They are also afraid of cryptocurrencies’ decentralized nature, which may be used by criminals to carry out illicit activities.