A Country Announces a $300 Million Cryptocurrency Investment Directly from Its Foreign Exchange Reserves

The National Bank of Kazakhstan (NBK) is considering an investment in crypto assets that could range from $50 million to $300 million. According to RBC, NBK Chairman Timur Sülümenov said the institution would wait for “the dust to settle a bit” following the sharp market correction. Sülümenov stated that the investment would be financed directly from the Central Bank's foreign exchange reserves, not from the National Wealth Fund. In his statement, Sülümenov stated that the planned investment amount was not certain and used the following expressions: “This doesn't mean we've taken $300 million and are investing it right away. Maybe we'll limit it to 50 million, maybe 100 million, maybe 250 million. After the sharp decline in the entire crypto market, returns, monetization, and risks need to be reassessed.” The crypto market has lost $500 billion in total value since the beginning of November. Bitcoin's price has fallen 17%, from $110,000 to $81,000, its lowest point in seven months. Related News: Renowned Macroeconomist Issues “Final Warning” to Bitcoin Holders The NBK Chairman said that an investment portfolio linked to high-tech stocks and digital financial instruments has already been created within the Central Bank reserves, but there will be no rush to make new crypto investments: “After this decline in digital and crypto assets, we need to let the dust settle in the market. We will not make any hasty decisions.” In early November, Sülümenov told Bloomberg that the country would establish a national crypto fund of up to $1 billion. The fund would reportedly invest in more traditional, auditable structures like exchange-traded funds (ETFs) and shares of crypto companies. *This is not investment advice. Continue Reading: A Country Announces a $300 Million Cryptocurrency Investment Directly from Its Foreign Exchange Reserves