Bridgewater founder Ray Dalio, the billionaire investor, and hedge fund manager initially predicted that gold will become a major investment option during the ‘’paradigm shift’’ in the global markets. However, he forgot at that time about bitcoin, so let’s find out what he thinks now about this crypto asset in the latest cryptocurrency news below.
Dalio explained in a LinkedIn post that many people have invested in stocks and equities which is why this asset class is in danger of reaching a major drop in returns. In order for people to balance out their portfolios, they will have to turn to assets such as gold. He explained:
“Additionally, for reasons I will explain in the near future, most investors are underweighted in such assets, meaning that if they just wanted to have a better balanced portfolio to reduce risk, they would have more of this sort of asset. For this reason, I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio.”
The Bridgewater founder advocated that gold is the only right option to choose for everyone that is looking to diversify their portfolio just in a time where most of the world seems to be investing in equities. This is not the only reason why Dalio believes that gold will witness a major surge in inflows. According to him, the global conflicts and the depreciating value of money will force them to go on the way back to safety. Gold will be the only asset to choose from for all the investors that are looking to store their wealth at a time when the central banks are trying to keep the interest rates low.
Dalio’s comments could make sense a decade ago when bitcoin was first launched. Gold is universally considered to be a safe-haven asset that the investors buy in order to protect their wealth in difficult times. Bitcoin, on the other hand, is gaining the confidence of institutional investors and there are only a few people who believe that the cryptocurrency will replace the gold. Dalio somehow forgot that the times have changed and bitcoin is now considered as the perfect replacement for gold as noted in the coming altcoin news previously.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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