Cohen Not Going to Miss “Incredibly Transformational” Crypto While Dalio Finds BTC as A Cash Alternative

Steven Cohen Isn’t Going to Miss “Incredibly Transformational” Crypto While Ray Dalio Finds Bitcoin as an Alternative to Cash

While Point72 founder’s “cryptomaniac” helped him understand crypto, Bridgewater Associates founder continues to reiterate that Bitcoin “could still be controlled” and that it “could be tulips in Holland.”

Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, reiterated that he owns some Bitcoin but expressed concern that there’s a danger of governments destroying the cryptocurrency market.

On CNBC during the SALT conference in New York, Dalio said,

“I think at the end of the day if it’s really successful … they will try to kill it. And I think they will kill it because they have ways of killing it.”

His comments came as US regulators are looking to increase oversight on the $2 trillion cryptocurrency market. Just this week, SEC Chair Gary Gensler said that the top securities regulator is working overtime and crafting rules to bolster regulation of crypto assets.

It, however, wasn’t the first time that Dalio raised concerns about political government action against Bitcoin. Previously he said that the government could ban the cryptocurrency as they would want to clamp down on alternative currencies that could challenge the dominance of the US dollar.

He further said that while El Salvador has become the world’s first nation to adopt Bitcoin as legal tender, India and China are “getting rid of it” while the US is talking about how to regulate it, so overall, “it could still be controlled,” Dalio said.

“It Could Be Tulips In Holland”

According to Dalio, cryptocurrencies represent diversification which “is a good thing,” noting portfolios need to be spread across more asset classes.

Dalio yet again called cash trash and warned that investors shouldn’t become too reliant on it. And he thinks Bitcoin is a good alternative to cash.

“I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin.”

“It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time.”

However, he also said that the leading cryptocurrency lacks intrinsic value or fundamental and objective worth. Then he likened it to the tulip bubble saying, in a historical perspective, there are many things that didn’t have any intrinsic value but had perceived value and went hot and cold.

“You just have to know what it is. It could be tulips in Holland.”

According to CNBC, Dalio owns a smaller percentage of bitcoin compared to gold holdings in his portfolio.

Not Going To Miss This

SALT conference host Anthony Scaramucci’s alternative investment firm, SkyBridge’s co-chief investment officer, Ray Nolte, meanwhile said at the event that they have a 12% investment in bitcoin.

Earlier this week at the conference, billionaire investor Steven Cohen also said that he hopes to not miss out on opportunities presented by digital currencies.

Cohen, the founder of Point72 Asset Management, shared that he was a bit of a skeptic when it came to cryptos until recently when his son, a “cryptomaniac,” helped change his mind.

“Once I decided there were opportunities, and I thought this could be a space like the internet — it could be incredibly transformational — I wasn’t going to miss this.”

Cohen, who has a net worth of $11.1 billion, is venturing deeper into the crypto world in both personal capacity and at his firm. He is also interested in the metaverse where “your mind can run wild.”

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Author: AnTy

When’s Bitcoin Likely to Moon?

  • Bitcoin investors attention should be on just a few of the crypto exchanges and they wouldn’t miss a thing
  • There’s still fake volume in the market but Digital Asset Research says it is “not materially impacting the price”
  • If BTC holds at $7,800, the bottom might be in but a move up means “we’re likely to moon for the next few months at least”

Bitcoin is off to its best start of the year since 2012, gaining 20% in two weeks. The day BTC climbed to $8,900, 2020 high, the market registered record volumes across the market.

However, there’s only a handful of exchanges that are key to setting the prices. Only 10 markets including Binance, Coinbase, Huobi, HitBTC, and Liquid are where most of the price discovery takes place and then migrates to other sites, according to Digital Asset Research.

“There’s some lessons here that most of the time, most of your attention should be on a smaller group of these exchanges,” Doug Schwenk, chairman of DAR told Bloomberg.

This should go some way to ease the concerns of the US Securities and Exchange Commission who has rejected applications from firms seeking to start Bitcoin ETF because of worries over market manipulation.

“Even though we know there’s fake volume in the market, that fake volume is not materially impacting the price,” said Erin Friez, general counsel at DAR.

The firm also found that futures contracts on derivatives exchange BitMEX may have an impact on the digital asset’s price.

Bitcoin pushing towards $10,000 in the next few days

Now, after climbing to $8,900, Bitcoin has now come back down to $8,670 level.

A consolidation after a rally of this size, Mati Greenspan, founder of Quantum Economics says it is a “natural thing to happen.” Greenspan in his daily newsletter, explained,

“We’re now near the top of the channel that we’ve been tracking. Some might even say we’ve broken it. More importantly though, we’re now testing that 200-day moving average.”

We could also see a pullback as there might not be enough steam for BTC to bust through the channel. If BTC holds at $7,800 while on its way to the downside, the former eToro analyst says, it would be safe to say that the bottom is in.

But if Bitcoin does end up surging, after all, Greenspan wager, “we’re likely to moon for the next few months at least.”

Analyst Galaxy also sees Bitcoin pushing towards $10,000 in the next couple of days if we manage to hold $8,500 level.

The analyst also shared another hopium induced chart yesterday where he said if BTC manages to break an important line it will trigger the next parabolic movement that would take us to a new all-time high (ATH).

With Bitcoin price slowly making its way downwards and the Crypto Twitter divided between the bears and bulls, it’s to be seen the direction Bitcoin will move in next.

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Author: AnTy