Cryptocurrencies Are A “Pure Trading Instrument,” says CEO of World’s Largest Hedge Fund

Cryptocurrencies Are A “Pure Trading Instrument,” says CEO of World’s Largest Hedge Fund

Luke Ellis, the CEO of Man Group, says cryptocurrencies have “no inherent worth whatsoever” and compared them to tulip bulbs mania but added that it’s suitable for trading.

“If you look at cryptocurrencies as a whole, it is a pure trading instrument. It has no inherent value. It’s a tulip bulb,” said Ellis, whose largest publicly listed hedge fund manages $127 billion in assets (AUM) as of March 31.

The London-based hedge fund manager uses quantitative models to make profits off of trends in markets, and crypto is one of them.

Ellis said cryptocurrencies were one of about 800 markets plus thousand of stocks and credits that they operate in. He said,

“We like to be long and short depending on what the models say is likely to happen in the market, and we will trade it in the long and short term with the same happiness and in as large a size as the market liquidity allows you to trade.”

“We trade S&P futures to sushi rice futures.”

But just because the hedge fund trades crypto doesn’t mean they are an asset management product in which they “offer value.” Crypto assets, he maintained, are “things to trade because they go up and down a lot.”

Like many people from traditional finance, Ellis is still in the phase of preferring blockchain technology, which he believes has potential, then cryptos that can be of “infinite numbers” because anyone can launch one any day.

While Ellis has his concerns and doubts about cryptocurrencies’ value, he understands what’s driving investors towards them. He said,

“The thing that worries customers the most is inflation.”

“I think we will stay in a world of very low rates until central banks lose control, and when they lose control, it will not be fun.”

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Author: AnTy

Ledger Launches Support For Algorand (ALGO) Staking On Its Software App, Ledger Live

  • Crypto hardware wallet manufacturer, Ledger, is launching support for the Pure Proof-of-Stake (PPoS) platform, Algorand.
  • The announcement sent to BEG further states the software application will support Algorand’s Standard Assets (ASA) management.

Ledger wallet users will now be able to “securely hold, transact, manage, and stake ALGO” on Ledger Live directly on their desktops or smartphones. ALGO becomes the fourth coin to create its staking pool on Ledger following successive additions of staking coin, Tezos (XTZ), Tron (TRX), and Cosmos (ATOM).

Ledger now supports over 1500+ crypto tokens and 27 crypto coins on its platform.

Algorand offers users a pure PoS platform, unique from the delegated proof of stake (DPoS) consensus algorithm, whereby users delegate stakers to make the governance decisions. Algorand’s PPoS allows “anyone to participate in the Algorand network proportionally to the amount of ALGOs they have in their wallets.”

Speaking to BEG, Fangfang Chen, COO of Algorand, stated his pleasure at partnering with one of the companies with the “highest standard of crypto security.” Chen further said,

“The Algorand ecosystem has experienced tremendous growth since the mainnet launch last year, and we are proud to work with Ledger, the industry-leading security company, to provide ALGO holders more opportunities to participate in the network while ensuring security and transparency of the whole Algorand economy.”

Additionally, Ledger Live wallet users will also be able to control and manage their Algorand Standard Assets, such as the recently added Tether stablecoin, USDt. Users can also manage the system credits, loyalty points, and “single, unique assets issued on the Algorand blockchain that benefit from the same security, compatibility, speed, and ease-of-use as the ALGO.”

Ledger aims at offering unparalleled security and ease of use to users in comparison to current ALGO-enabled staking platforms. Ledger Live allows users to stake their ALGO tokens on a single app while still storing their private keys on the Ledger hardware wallet – providing freedom without compromising on security.

Ledger is “expanding its tokens and crypto markets” – ALGO being the latest – with more to come, Pascal Gauthier, CEO of Ledger, said. The integration of ALGO on Ledger Live will provide users with a broader array of opportunities “to earn passive income, ensuring the highest level of control and flexibility.”

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Author: Lujan Odera

These Are Four Fiat Currencies Have a Value Under 1 Satoshi, Bitcoin’s Smallest Unit of Value

These Are Four Fiat Currencies Have a Value Under 1 Satoshi, Bitcoin's Smallest Unit of Value

The price of Bitcoin just keeps growing as many economies in the world are in pure turmoil. This has made the price of the tokens increase (at the time of this report, Bitcoin was being traded with the price of over $9,000 USD, the highest in the year until now) while fiat currencies are still being destroyed by hyperinflation all over the world.

If you want the ultimate proof that the economy is very grim for many of these countries, you can see this list, which was originally created by NullTX. It has four different fiat currencies that were valued at 1 Satoshi, which is equal to 0.000001 BTC (about a ninth of a cent in the U. S.).

Currenies Valued Less than 1 Satoshi

Paraguayan Guarani (PYG)

Paraguay is known for not having a very stable economy. In fact, the issue goes way back the time in which the country was attacked by Brazil, Uruguay and Argentina… in 1864. That’s right. The economy of the small country was so affected by the many deaths of the war that they never really recovered fully and the country is still very poor.

At the moment, the value of the Paraguayan Guarani (PYG) is far from looking very healthy, as the country’s unit is worth only $0.00016 USD. You would certainly need more than 100 million PYG in order to buy a single Bitcoin.

Laotian Kip (LAK)

With a domestic currency that is worth only 0.00011 USD, the Laotian Kip (LAK) is far from a good unit of money. The country of Laos is not the kind of place that makes the economic headlines for success, although it cannot be considered one of the worse countries of the world.

While the economy of the country does not get better, we will probably not see the LAK getting more value than it has right now.

Guinean Franc (GNF)

The Guinean Franc (GNF) is worth the same as the Laotian Kip, 0.0001 USD. As you can imagine, this is far from exciting for the country, which is considered very poor and it lacks in several areas such as infrastructure.

Again, there is not much hope that the situation for this fiat currency will improve anytime soon, unfortunately.

Sierra Leonean Leone (SLL)

The final of the fiat currencies that are worth less than a single Satoshi is the Sierra Leonean Leone (SLL). At the moment, the unit of this currency is valued at 0.00011 USD. This happened mostly because Serra Leone is not a very stable region politically and its economy has several issues.

Inflation has destroyed the value of the token so much that even with a very high nominal value of SLL you actually will not have a lot of money.

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Author: Gabriel Machado