World’s Largest Hedge Fund Bridgewater Has Crypto Plans — Founder Ray Dalio Calls Bitcoin ‘One Hell of an Invention’
The founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm, has clarified his view on bitcoin and cryptocurrency. Ray Dalio also reveals that he and his colleagues at Bridgewater “are intently focusing on alternative storehold of wealth assets.”
Bridgewater Founder Ray Dalio ‘Greatly’ Admires Bitcoin
Ray Dalio, founder and chief investment officer of Bridgewater, has clarified his view on bitcoin and revealed what his company has in store for cryptocurrency. With about $140 billion in assets under management, his hedge fund is the largest in the world. AICIO Magazine and Wired Magazine have called Dalio the “Steve Jobs of Investing,” and TIME Magazine has named him one of the 100 Most Influential People.
In a research note published on the Bridgewater Associates’ website on Thursday, Dalio wrote: “I am writing this to clarify what I think of bitcoin. Please pay attention to what I am saying here and not what those in the media are saying I said because this is reliable.”
He began by admitting that he is not an expert on bitcoin or cryptocurrency. “Still, people demand my non-expert assessment of bitcoin and clarifications in my own words are better than distortions in the media so here it goes, presented with the warning not to rely on it,” Dalio declared, elaborating:
I believe bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.
Emphasizing the current need for “alternative gold-like assets,” Dalio asserted that “Because there aren’t many of these gold-like storehold of wealth assets that can be held in privacy and because the sizes of their markets are relatively small, there exists the possibility that bitcoin and its competitors can fill that growing need.”
The Bridgewater founder noted: “It seems to me that bitcoin has succeeded in crossing the line from being a highly speculative idea that could well not be around in short order to probably being around and probably having some value in the future.”
He further said: “I greatly admire how bitcoin has stood the test of 10 years of time, not only in this regard but also in how its technology has been working so well and has not been hacked.” Nonetheless, the Bridgewater executive cautioned that those “holding digital/cyber assets at a time when cyber offense is much more powerful than cyber defense, the cyber risk is a risk that I can’t ignore.”
In conclusion, Dalio said bitcoin looks to him “like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80% of.” He concluded, “That is what bitcoin looks like to this non-expert. I am eager to be corrected and learn more,” elaborating:
Believe me when I tell you that I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets.
Dalio further revealed: “Expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and bitcoin won’t escape our scrutiny.” The head of Bridgewater clarified that when he uses the word “bitcoin,” he means “bitcoin and its analogous competitors.”
Dalio has recently been talking more about bitcoin. In November, he admitted that he may be wrong about the cryptocurrency but still had doubts. In December, he said bitcoin could be an alternative storehold of wealth to gold.
What do you think about Ray Dalio’s view on bitcoin? Let us know in the comments section below.
- Published in Uncategorized
Bitcoin Cash Transactions Intensify, Daily Count Nears BTC, Big Blocks Help Clear Throughput
Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has been seeing on a daily basis during the last month. Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020. Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week.
The crypto economy and myriad of blockchain networks have been getting a lot more attention during the last few months. Not only has a number of digital assets jumped tremendously in value, but many of these tokens are seeing increased usage as well.
More recently, Bitcoin Cash proponents have been noticing that the BCH chain is handling a whole lot more transactions than usual. Since the last week of December 2020, BCH transaction counts per day have steadily risen northbound and have come awfully close to matching the Bitcoin (BTC) network’s daily output.
At the time of writing, onchain data shows the BCH chain processed 282,010 transactions during the last 24 hours while BTC has processed 334,793 in that time. This shows that BTC is handling 3.87 transactions per second, while BCH does 3.26 at this transaction rate.
Additionally, statistics from messari.io show that bitcoin cash (BCH) is currently the fourth most active blockchain under dogecoin (DOGE). Most of the time during the last month, BCH was the third-most active blockchain.
In terms of settlement, during the last 24 hours data shows the Bitcoin Cash network settled $4.34 billion among 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the increasing transaction count on Reddit.
One thread noted that on January 29, 2021, BCH had 322.26k transactions compared to BTC’s 322.22k daily count. “Community growth and utility is on the rise, and that’s the most important thing,” the author of the Reddit post stressed. Another person dubbed the “Transaction Maximalist” wrote:
The same throughput but still $0.001 transaction fees. Cool.
Even with the increase in transaction throughput BCH transaction fees have not risen. BCH has a 32MB block size parameter and in September 2018, participants observed the chain processing upwards of 2 million+ transactions in a 24 hour period.
During this period of time in 2018, a time the community called the “stress tests,” BCH miners processed massively sized blocks all week long. Bitcoin cash miners still process very large blocks, while BTC miners still deal with the 1MB limit and segregated witness (segwit) improvements.
On Saturday, BCH supporters celebrated a large 4723.044kB (4.7MB) block at block height 672,532. The large block processed 14,910 transactions and with the 6.25 BCH block rewards only $25 in fees were paid for the transaction confirmation. Software developer Jonathan Toomim talked about the larger sized block on Saturday morning as well.
“This block (672532) was mined at 8:30am UTC,” Toomim said. The previous block (672531) included only [one] transaction (Hathormm, aaarg!). The block before (672530) was mined at 7:12am UTC. So this 4.7 MB block comprised 1h28m worth of transactions. That’s about 0.53 MB per 10 minutes,” he added.
What do you think about the increased transaction count on the Bitcoin Cash blockchain? Let us know what you think about this subject in the comments section below.
- Published in Uncategorized
Visa CEO Says Payments Giant Set to Introduce Cryptocurrency Trading on Its Network
Payments giant Visa Inc’s CEO Alfred Kelly has revealed his firm’s plans to enable cryptocurrencies trading on its network. Kelly, who is also chairman of the firm, explains that there is no reason not to add cryptos when these are increasingly becoming “a recognized means of exchange.”
Digital Gold Segment
In an earnings call with analysts, Kelly opines that due to Visa’s “global presence, its partnership approach as well as its trusted brand”, the fintech giant is “uniquely positioned to help make cryptocurrencies more safe.” The CEO adds that Visa also wants to make cryptos “more useful and applicable for payments.”
However, to achieve this, Kelly says his organization will divide the crypto market into two segments, namely cryptocurrencies and digital currencies. Describing the assets that will be included in the cryptocurrency segment, the CEO says these will be viewed “as digital gold.” According to Kelly, such currencies are “predominantly held as assets that are not used as a form of payment in a significant way at this point.” The Visa boss then discusses the firm’s plan for such currencies saying:
Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto a Visa credential to make a fiat purchase at any of the 70 million merchants where Visa’s accepted globally.
According to Kelly, this strategy will be similar to Visa’s approach to “connect closed-loop wallets such as Line Pay and Paytm.”
Digital Currency Segment
Concerning digital currencies that will feature in the second segment, the Visa CEO says these will be consist of “fiat-backed digital currencies including stablecoins and central bank digital currencies.” He adds that these emerging payments innovations can potentially be “used for global commerce much like any other fiat currency.”
Meanwhile, the Visa CEO reveals some of the 35 organizations that have already chosen to issue Visa cards. These include leading digital currency platforms and wallets providers like “crypto.com, Blockfi, Fold, and Bitpanda.” According to Kelly, these wallet relationships “represent the potential for more than 50 million Visa credentials.”
What do you think of Visa’s plan to introduce crypto trading on its platform? You can share views in the comments section below.
- Published in Uncategorized
DeFi has to be improved by embracing its peer-to-peer aspect
The time has come to make decentralized finance more P2P-oriented than it has been so far.
- Published in Uncategorized
Bitcoin Cash Transactions Intensify, Daily Count Nears BTC, Big Blocks Help Clear Throughput
Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has been seeing on a daily basis during the last month. Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020. Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week.
The crypto economy and myriad of blockchain networks have been getting a lot more attention during the last few months. Not only has a number of digital assets jumped tremendously in value, but many of these tokens are seeing increased usage as well.
More recently, Bitcoin Cash proponents have been noticing that the BCH chain is handling a whole lot more transactions than usual. Since the last week of December 2020, BCH transaction counts per day have steadily risen northbound and have come awfully close to matching the Bitcoin (BTC) network’s daily output.
At the time of writing, onchain data shows the BCH chain processed 282,010 transactions during the last 24 hours while BTC has processed 334,793 in that time. This shows that BTC is handling 3.87 transactions per second, while BCH does 3.26 at this transaction rate.
Additionally, statistics from messari.io show that bitcoin cash (BCH) is currently the fourth most active blockchain under dogecoin (DOGE). Most of the time during the last month, BCH was the third-most active blockchain.
In terms of settlement, during the last 24 hours data shows the Bitcoin Cash network settled $4.34 billion among 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the increasing transaction count on Reddit.
One thread noted that on January 29, 2021, BCH had 322.26k transactions compared to BTC’s 322.22k daily count. “Community growth and utility is on the rise, and that’s the most important thing,” the author of the Reddit post stressed. Another person dubbed the “Transaction Maximalist” wrote:
The same throughput but still $0.001 transaction fees. Cool.
Even with the increase in transaction throughput BCH transaction fees have not risen. BCH has a 32MB block size parameter and in September 2018, participants observed the chain processing upwards of 2 million+ transactions in a 24 hour period.
During this period of time in 2018, a time the community called the “stress tests,” BCH miners processed massively sized blocks all week long. Bitcoin cash miners still process very large blocks, while BTC miners still deal with the 1MB limit and segregated witness (segwit) improvements.
On Saturday, BCH supporters celebrated a large 4723.044kB (4.7MB) block at block height 672,532. The large block processed 14,910 transactions and with the 6.25 BCH block rewards only $25 in fees were paid for the transaction confirmation. Software developer Jonathan Toomim talked about the larger sized block on Saturday morning as well.
“This block (672532) was mined at 8:30am UTC,” Toomim said. The previous block (672531) included only [one] transaction (Hathormm, aaarg!). The block before (672530) was mined at 7:12am UTC. So this 4.7 MB block comprised 1h28m worth of transactions. That’s about 0.53 MB per 10 minutes,” he added.
What do you think about the increased transaction count on the Bitcoin Cash blockchain? Let us know what you think about this subject in the comments section below.
- Published in Uncategorized
Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?
Bitcoin is slowing down and weakening on-chain metrics are forcing traders to turn cautious in the short term.
- Published in Uncategorized
How much is too much? Crypto art market brings together deep pockets and big artists
In the future, owning unique art won’t be restricted to the elites, but will everyone have digital art on their walls?
- Published in Uncategorized
Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?
Bitcoin is slowing down and weakening on-chain metrics are forcing traders to turn cautious in the short term.
- Published in Uncategorized
Is the weakness of Bitcoin after the ‘Elon Musk pump’ hinting at a bull trap?
Bitcoin is slowing down and weakening on-chain metrics are forcing traders to turn cautious in the short term.
- Published in Uncategorized
Bitcoin Cash Transactions Intensify, Daily Count Nears BTC, Big Blocks Help Clear Throughput
Just recently, the Bitcoin Cash community has been discussing the large number of transactions the network has been seeing on a daily basis during the last month. Statistics show that bitcoin cash daily transactions have been increasing every day since the last week of 2020. Bitcoin Cash miners have processed upwards of 300,000+ daily transactions on various days during the past week.
The crypto economy and myriad of blockchain networks have been getting a lot more attention during the last few months. Not only has a number of digital assets jumped tremendously in value, but many of these tokens are seeing increased usage as well.
More recently, Bitcoin Cash proponents have been noticing that the BCH chain is handling a whole lot more transactions than usual. Since the last week of December 2020, BCH transaction counts per day have steadily risen northbound and have come awfully close to matching the Bitcoin (BTC) network’s daily output.
At the time of writing, onchain data shows the BCH chain processed 282,010 transactions during the last 24 hours while BTC has processed 334,793 in that time. This shows that BTC is handling 3.87 transactions per second, while BCH does 3.26 at this transaction rate.
Additionally, statistics from messari.io show that bitcoin cash (BCH) is currently the fourth most active blockchain under dogecoin (DOGE). Most of the time during the last month, BCH was the third-most active blockchain.
In terms of settlement, during the last 24 hours data shows the Bitcoin Cash network settled $4.34 billion among 80,529 active addresses. On Friday, Bitcoin Cash supporters discussed the increasing transaction count on Reddit.
One thread noted that on January 29, 2021, BCH had 322.26k transactions compared to BTC’s 322.22k daily count. “Community growth and utility is on the rise, and that’s the most important thing,” the author of the Reddit post stressed. Another person dubbed the “Transaction Maximalist” wrote:
The same throughput but still $0.001 transaction fees. Cool.
Even with the increase in transaction throughput BCH transaction fees have not risen. BCH has a 32MB block size parameter and in September 2018, participants observed the chain processing upwards of 2 million+ transactions in a 24 hour period.
During this period of time in 2018, a time the community called the “stress tests,” BCH miners processed massively sized blocks all week long. Bitcoin cash miners still process very large blocks, while BTC miners still deal with the 1MB limit and segregated witness (segwit) improvements.
On Saturday, BCH supporters celebrated a large 4723.044kB (4.7MB) block at block height 672,532. The large block processed 14,910 transactions and with the 6.25 BCH block rewards only $25 in fees were paid for the transaction confirmation. Software developer Jonathan Toomim talked about the larger sized block on Saturday morning as well.
“This block (672532) was mined at 8:30am UTC,” Toomim said. The previous block (672531) included only [one] transaction (Hathormm, aaarg!). The block before (672530) was mined at 7:12am UTC. So this 4.7 MB block comprised 1h28m worth of transactions. That’s about 0.53 MB per 10 minutes,” he added.
What do you think about the increased transaction count on the Bitcoin Cash blockchain? Let us know what you think about this subject in the comments section below.
- Published in Uncategorized