Hi everyone,
Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, at about $2.3–2.4 trillion, has proposed cutting its U.S. Treasury allocation by nearly $80 billion.
That is not a dump of the dollar. Bond-index dollar exposure barely moves, from 52.9% to 52.5%. The mix changes: less U.S. government debt, more other dollar assets — agency mortgage-backed securities, government-related bonds, and investment-grade credit — as the fund hunts for higher expected returns.
The signal still matters. Sovereign debt is rising. Inflation risk is back. Governments can keep issuing paper. In that setup, scarce assets get more valuable over time. This is not $80 billion flowing into Bitcoin. It isn’t. But the broader trade is hard to ignore: 21 million bitcoin. Unlimited dollars. You do the math. 🚀₿
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