Coinspeaker Tesla CEO Elon Musk Could Become World’s First Trillionaire, Is It Time to Believe?Tesla CEO Elon Musk has been tipped to break the trillionaire threshold before Jeff Bezos, Bill Gates or any other contemporaries following Tesla’s recent landmark in breaking the $100 billion market cap level after skyrocketing rise of the company’s stock price.Should We Be Getting on the Musk Train?Elon Musk rests rightly as one of the biggest celebrity entrepreneurs in the world and has amassed an enormous cult following over the years. Fanatics are at their constant best with bullish predictions concerning Elon Musk or the future of Tesla, but are there any truth to these claims?A certain Christopher Dungeon made his observation on Twitter, predicting a massive, if not miraculous surge past current tech powerhouses."If Tesla reaches all the milestones and a market cap of $650 billion, he would own about 30% of the company at that point, which would be a stake worth about $195 billion — making him the richest man on the planet" – FredCalling it now: @elonmusk will be the first Trillionaire pic.twitter.com/xQphHamPNQ— Christopher Dungeon (@ChrisDungeon) January 22, 2020While Elon Musk has been vocal and garrulous over the years, one must admit that Musk is a workaholic, and has worked tirelessly to where he is now. Reports floated early last year that Musk would refuse all bonuses and commemorations from the company until Tesla crosses the $100 billion market cap, the veracity of this is shaky of course. But the gist remains, Elon Musk has till now put his money where his mouth is over the decade. Why can’t we believe him now?Numbers Can LieIn terms of productivity and turn-out rates, Tesla firmly lags behind in its output compared to similar automobile companies. As a matter of fact, Volkswagen produced 30 to one Tesla car last year, but are nevertheless lurking below Tesla in valuations. Tesla, with its recent market valuation, is obviously now considered more valuable than the three german automobile companies: BMW, Volkswagen, and Daimler. Talk of putting money where your mouth is!It’s a new capitalist age, and you necessarily don’t need to turn out huge earnings to shoot up stock values, Tesla might just be the quintessential epitome of that.Do We Have the World’s First Trillionaire?Certainly not (except of course in centavos). If Elon Musk must be the first trillionaire in the next few years, then Tesla’s valuation must obviously shoot up dozens of times than its current one.Musk’s current net worth estimated to be about $23 billion, would most likely not be beating Jeff Bezos’ in the next few years. If we can, however, for a minute, just jump on the Musk train, and believe in the cosmos colonization spearheaded by Elon Musk, believe he’s knocking Bezos off the peak – and that’s to assume, that is if the bullish surge somehow materializes, Musk by this time, still owns 30 percent of Tesla – then, of course, he beats Bezos to with a new net worth of $195 billion. That’s to assume, of course, that Bezos’ valuation remains stagnant over the years.Too many assumptions.Musk’s fine wherever he is, and we can only jump on the Musk train at our own peril.Tesla CEO Elon Musk Could Become World’s First Trillionaire, Is It Time to Believe?
Coinspeaker Ripple Secures Highest Funding in Blockchain Industry in 2019, Overall Funding DownRipple Labs, the San Francisco-based blockchain startup, secured the highest funding in comparison to other peer blockchain companies in 2019. The latest report from CB Insights shows that Ripple raised $200 million in the Series C round last year.Among the companies that follow Ripple on the list are Figure Technologies, Digital Asset and PeerNova. However, the gap between the first and second positions is significant. However, even Ripple’s $200 million is a very small amount in comparison with $400 million and $321 million of Bitmain and Coinbase (respectively) in 2018.Some of the popular and leading investors in Ripple included Tetragon Financial Group, SBI Group, and Routee 66 Ventures. At the time of the Series C funding, Ripple’s overall market valuations stood over $10 billion.Despite not being a good year for XRP and its investors, Ripple has managed to sway the investors to its doors. Last year, the XRP price was falling. And the coin was the only among the top ten cryptocurrencies to give a negative return in the market. However, apart from XRP, Ripple has other blockchain-based payment solutions in the market.Its xCurrent payment solution facilitates instant cross-border payments by leveraging the power of blockchain. Some of the big banking and money-transfer companies like Banco Santander, Western Union, MoneyGram, etc. are using Ripple’s payment solutions.Ripple said that it will be using the fresh influx of funding for opening more global offices, hiring new talent, and improving the balance sheet flexibility. At the ongoing World Economic Forum 2020, the U.S. Treasury Secretary Steven Mnuchin said that the government will support companies working on reducing cross-border payment costs.After Mnuchin’s comments, Ripple CEO Brad Garlinghouse said that he is confident that the U.S. government will welcome his company’s payment solutions.Overall Blockchain Investments Decline in 2019In the list of top blockchain companies raising funds in 2019, next to Ripple was Figure Technologies. However, Figure Technologies could manage only $103 million fundraisings i.e. half that of Ripple raised. Figure said that it will use these funds for its blockchain-based platform Provenance which helps to give equity loans to its users in minutes.The next big blockchain companies to raise funds were Digital Asset and PeerNova, raising $35 million and $31 million respectively. Digital Asset will use the raised funds for improving asset settlement processes using its Digital Asset Modeling Language (DAML). While PeerNova intends to use these funds for the expansion of its technology platform.2019 was the year when global organizations and government institutions acknowledged the power of blockchain technology and started participating in the blockchain industry. Thus, it is surprising to see fewer companies willing to make investments in blockchain projects.In 2019, the total equity funding in blockchain companies dropped by 30% in comparison to its previous year. The authors of the report state that the reason for this drop in funding is because the startups are still trying to figure out the product-market fit.In Q4 2019, blockchain companies raised a total of $785 million seeing a 36% drop from Q4 2018.Ripple Secures Highest Funding in Blockchain Industry in 2019, Overall Funding Down
Coinspeaker Derivatives Exchange BTCMEX Launches Affiliate Program and $120 Trading BonusCrypto Derivative Markets are TrendyCryptocurrency derivatives were a major highlight of the cryptocurrency market in 2019. Data collected in the past year already reveals how the derivatives market outperformed the spot market and more recently, the buzz is becoming more intense as speculation suggest that this market will double the size of its counterpart spot market in the near future. More so, increased competition in derivative products has been instrumental in the growth of the sector.For cryptocurrency exchanges, inclusion in this emerging market play – “the surge of derivative products”, is without a doubt pertinent. A handful of exchanges have begun the transition from a spot-only exchange by padding their existing services with derivative products, to becoming an all-encompassing cryptocurrency trading platform. One of such exchanges includes BTCMEX, an upcoming cryptocurrency derivative platform that offers one of the most feature-rich and competitive services in the derivatives market.BTCMEX was founded by Li Xiaolai, a savvy cryptocurrency enthusiast and investor, and notably the biggest Bitcoin adopter in China. He has also been involved in some of the few successful cryptocurrency startups, to include Steemit and BigOne cryptocurrency exchange.BTCMEX operates on the core values of people, trust, and innovation, which constantly directs the team’s effort to create a fair and transparent exchange that is accessible by all, regardless of trading expertise.BTCMEX Platform FeaturesApart from its diligent team of developers, BTCMEX stands out in its 100,000 TPS per trading pair with as low as 1ms latency, thereby being 10 times higher than what’s obtainable on an average in the industry. More so, the exchange features low and flexible fees structure, multilingual live customer support, and a 100% trading uptime buffered by Hot Fix and Off-site system backups.For BTCMEX, security is a top priority and has employed the use of a multi-signature cold wallet with top-notch security features vetted by international auditors to secure users’ assets. The platform is also optimized for the best desktop and mobile experiences.Currently, BTCMEX offers its traders a leverage opportunity of up to 100x in order to optimize their trading experiences as they maximize their ROI while trading.The platform is furnished with educational resources to help all types of traders get informed on the developments within the industry. Further, the BTCMEX team is currently developing an AI-enabled price prediction system that traders can leverage to improve their trading strategies.Promotional OffersPhoto: BTCMEXIn less than three months of operation, BTCMEX is rising to become one of the leading cryptocurrency derivatives markets, as it currently boasts of more than $50 million USD in daily trading volume. In order to increase its sphere of influence and garner more support from the cryptocurrency community, it is offering traders the opportunity to earn up to $120 daily as a trading bonus on its platform. More so, it has launched a competitive affiliate program which promises to be one of the most lucrative in the industry.As a show of good faith, BTCMEX is offering new users the privilege of testing the platform with a live account funded with a $10 registration bonus. To further make things interesting, it is also offering a daily trading bonus of as much as $120 to all new users. To claim the $10 Ignition Trading Bonus new users are expected to follow and retweet @btcmexglobal.Should new users decide to make an initial deposit of at least 0.1 BTC, a $50 Booster Bonus is credited to the trading account, or should 0.3 BTC be deposited, $60 Nitro Bonus will be credited to the new user’s account.With BTCMEX’s Affiliates Program, users can earn up to 60% in commissions from direct traffic, including Maker Fees payments. Indirect traffic from sub-affiliates brings an additional 20%. Cryptocurrency enthusiasts can take advantage of this opportunity and make a living out of one of the best affiliate programs out there.Click here to sign up and start earning your $120 today!Derivatives Exchange BTCMEX Launches Affiliate Program and $120 Trading Bonus
Coinspeaker Ripple’s XRP Swaps to Be Added by BitMEX, Two Derivatives to Be DelistedThe cryptocurrency derivatives market is on heat, with the BitMEX release of the XRP-USD quanto swap tool. The so-called ‘quanto-swap’ represents the derivative with an interest rate taken from the difference between different currencies. During the swap, one person is paying another interest. It is derived from the difference between the foreign and local assets, or between two ‘shitcoins’ (in the Bitcoin maximalist lingo, all the coins are ‘shitcoins’, while we just try to keep the atmosphere). After the contract expiration, the amount in the swap is settled in cash. Because the instrument and the underlying asset are different currencies/resources. The tools are useful for people who look for liquidity, and unusual ways of making a percentage-based profit.Up and Down Contracts are Totally DrownedThe new service created by BitMEXmex will allow traders to swap between XRP and the U.S. dollar. The tool will be available on February 5, while the UP and DOWN contracts on BitMEX are eliminated as the unnecessary asset class. Per the official press release:“We are proud to announce that a new Ripple USD (XRPUSD) quanto swap will be launched on BitMEX on Wednesday 5 February 2020, contract details will be available on Testnet on Friday 24 January 2020. More details to follow.”“As an ongoing effort in improving our offerings and experience for users, effective Friday 31 January 2020 at 12:00 UTC, all UPs and DOWNs contracts will be delisted. Existing BitMEX UP and BitMEX DOWN contracts will be settled at that time as usual and no new contracts will be listed from that time onwards. The affected contracts are XBT7D_U105 and XBT7D_D95,” added the company.It is no wonder that the exchange wants to get rid of the UP and DOWN contracts, as those are very old market instruments somewhat similar to binary options. You can either bid on the upwards trend of the coin or place a bet that the coin is set to annihilation by the market whales. Such contracts exist in different forms and on different platforms.All the transactions with contracts are settled in Bitcoin for a term of 7 days. The DOWN contracts don’t have a margin call or liquidation price. Buyers were able to maintain short positions on the market. They also were able to gain profit on the price drops, before the contract time end. At the same time, UP contracts allowed to participate in increasing cryptocurrency prices.However, a lack of trust and absolute centralization is everywhere. Binary options have presumably lost popularity an led the BitMEX traders to abandon contract-based betting.Ripple’s XRP Swaps to Be Added by BitMEX, Two Derivatives to Be Delisted
Bitcoin cash price started a fresh decline after it failed to stay above $400 against the US Dollar.
The price broke a few key supports near the $350 and $340 levels.
There was a break below a major contracting triangle with support near $331 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
The pair remains at a risk of more losses below the $312 and $300 support levels in the near term.
Bitcoin cash price is declining and struggling to stay above $312 against the US Dollar. BCH/USD is likely to accelerate lower towards $272 if it breaks the $300 support.
Bitcoin Cash Price Analysis
This week, bitcoin cash price started a downside correction from well above the $365 level against the US Dollar. BCH price broke a few key supports near the $340 and $330 levels to enter a bearish zone.
Furthermore, there was a close below the $320 level and the 55 simple moving average (4-hours). The price even traded below the 50% Fib retracement level of the upward move from the $258 low to $405 high.
More importantly, there was a break below a major contracting triangle with support near $331 on the 4-hours chart of the BCH/USD pair. It is now trading near the $312 and $310 support levels.
The main support is near the $310 level, below which there is a risk of a larger decline. The next support is near the $294 level. It represents the 76.4% Fib retracement level of the upward move from the $258 low to $405 high.
If the price breaks the $294 support, it is likely to revisit the $272 support area in the near term. Any further losses may perhaps lead the price towards the main $250 support area.
On the upside, the price is likely to face a strong resistance near the $330 area. Additionally, the bulls need to gain strength above $335 and the 55 simple moving average (4-hours). If there is a successful close above $330 and $335, there are chances of a steady increase in the coming sessions.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearly moving into a bearish zone below $330 and $320. A successful close below the $300 support could start a downside extension towards the $272 support area in the near term.
4 hours MACD – The MACD for BCH/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.
Key Support Levels – $312 and $300.
Key Resistance Levels – $330 and $335.
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Coinspeaker Tether Is to Issue New Stablecoin Backed by GoldTether has issued a press release claiming that their new asset is cool because they have gold in a secretive Swiss vault.The stablecoin masters (we all know this company for USDT) have created a new token that is pegged to gold. According to the press release issued by Tether, the so-called “Tether Gold” (XAUT) is representing one troy ounce within the gold bars. Those shiny pieces of evil are in the Tether’s private safe. New tokens will roll on the TRON‘s and the Ethereum‘s blockchains. Those will be TRC-20 and ERC-20 tokens, each backed by the precious metal.In an e-mail sent to news outlets, Tether spokesperson said that the world has increased global demand for gold. The geopolitical need for the alternative financial system is the primary reason for creating the gold-backed cryptocurrency.Press release issued by the Tether representative didn’t specify the location. They gave no firm name or any other specifications concerning the Swiss vault. What bank or institution is helping the company? Tether is assuring the investors that they have a ‘direct control’ over the golden bars.Also, they will not charge storage fees.Paolo Ardoino, CTO Tether, says that the new asset provides both stability of gold and the speed of virtual assets. The asset will serve as the gold substitute for those who want to buy and store gold. Sometimes, people cannot afford to build the special vault or use a bank vault, so the offer is clear.Tether’s Attempts at Printing More Money Become RidiculousThe press release from a company like Tether could look legit a couple years ago. Back then, the community was in the state of dream, seeing the cryptocurrencies as the tool for solving the problems.Nowadays, wise crypto users perfectly see that cryptocurrencies can also create huge troubles. They make traders shot themselves, innocent people are going to jail, ICO scammers take millions and wash away. And the bankers are still printing money like Bitcoin never happened.Optimists, newbies and longtime holders are only ones who still believe in some crypto ideology behind Bitcoin. If we look at the industry more pragmatically, we could see that all the truth is lying on the surface.Tons of information are dumped by the NYOAG, Decrypt.co, Bitsonline, Bitfinexed. And a bunch of brave journalists like Paul de Havilland aka Draftkilla or James Edwards aka Cryptomedication. The fact that Tether stablecoin is empty as Dao is pretty obvious. And it is one of the hidden reasons behind Bitcoin’s constant rollbacks to the 8K levels.Many of the traders don’t want to admit this. But this industry is flawed to the Core with Tether’s investments and bad economic decisions. Dozens of shitcoins that they and their affiliates pour onto exchanges imitate and block the natural growth.Mainstream adoption became the impossible long-term goal. But the hope is still here. The NYOAG has too much proves of the Tether’s involvement in QuadrigaCX scam, Crypto Capital kitchen and some other fraud.The freshly leaked document shows that investigators of the Quadriga scam are asking a bunch of controversial individuals for help. Half of them already under investigation, including Crypto Capital. They are on a path to uncovering the scam operations of Quadriga’s CEO. He and Tether presumably involved in a so spicy drug trading and money laundering scheme.It may seem very unlikely that Tether has gold. Without photos, videos, documents proving the vault’s existence, their words may turn out being a lie. We ladies and gentlemen, can take a comfortable seat, eat popcorn, drink cola and watch what will happen next.Tether Is to Issue New Stablecoin Backed by Gold
It’s always rough to see people lose their money to crypto scams, but when those people are 75 years of age and when the money lost was their life savings, it’s really disheartening.
Crypto Scams Take On New Forms
This is the case for Frances Foster from Plymouth in the United Kingdom. At 75 years old, Foster is at an age where virtually every cent means something. A life in retirement can yield great returns, but it can also mean health problems, doctor visits and solitude. While this may not have been the case for Frances, the scam is even more hateful when one takes her age into consideration.
Foster came across an ad for a new bitcoin platform late last year. The company was advertising relatively high returns, which intrigued her and gave rise to the investing bug that likely exists in all of us. Sadly, this should have been a big red flag for Foster. Any company that advertises “high returns” is likely a fraudulent company because there is no way to guarantee high returns.
The world of investing is a tricky one, and nothing is ever set in stone. Things go up and down, sometimes drastically, and this is a factor that applies to virtually everything, including stocks and government bonds, but it applies double to cryptocurrencies.
Bitcoin and its altcoin cousins have a very bad habit of succumbing to extreme volatility. Those who invested in 2017 and 2018 are likely aware of this already, so the idea that a bitcoin company could offer “high returns” is already a bit shady.
Nevertheless, Foster gave in and decided to invest her final 11,000 pounds into the venture. Later in the month of December, the company sent her a snarky message wishing her a Merry Christmas and explaining that her money was gone. She’s now eager to tell her story to ensure other people don’t make the same mistakes.
In an interview with the BBC, she explains:
It’s been awful. I sent my first amount of money to them in September and now 11,000 pounds is all gone… I can’t do anything about it, but maybe I can help someone else not to do what I’ve done… As everybody has told me, if it sounds too good to be true, it probably is.
Don’t Do the Same Thing
The sad fact is that despite all the good the crypto industry can do to revamp and fix our global financial infrastructure, it’s still a birthing space, which means there’s a lot of room for crypto scams and bad actors looking to get their fingers on funds they didn’t earn.
Foster came across an ad for the company on MSN. The news platform has since been contacted about the phony enterprise and is working to ensure no further ads come through.
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Coinspeaker Blockchain Life 2020 Welcomes 5000 Participants and Leading Companies of the Industry on April 22-23 in MoscowThe biggest event on blockchain, cryptocurrencies, and mining in Europe is taking place at an innovative venue — Music Media Dome.On April 22-23 Blockchain Life 2020 brings together 5000 participants from 70 countries. Among them: businessmen and entrepreneurs, investors, miners, blockchain developers, founders of the innovative startups, government officials and everyone who wants to know more about one of the most promising sphere.Learn more about the forum and get an Early Bird ticket on https://blockchain-life.com/europe/en/At Blockchain Life 2020 the following topics are highlighted: blockchain development and its implementation in business, analysis of current methods of earning in the field of cryptocurrencies, trading, and mining. An important task of the forum is to create a platform for a dialogue between the industry community and government authorities.One of the most expected moments of Blockchain Life 2020 — exclusive speech of Ian Balina — a world-famous blogger, blockchain-entrepreneur, and investor.Among speakers of the forum:Ruslan Ensebaev (vice-minister of Finance of the Republic of Kazakhstan);Joselite Ramirez (the National Superintendent of Crypto actives in Venezuela);Sergei Khitrov (founder of Listing.Help and Jets.Capital);Alexander Borodich (founder of Universa);Rauan Khassan (VP TradingView);Artem Kalikhov (CPO of Waves) and others.Two days of networking with top-management of the leading companies: Binance, BitForex, Listing.Help, Trading View, Huobi, KuCoin, B2Broker, Bitmain, Gazprom Neft and many others await Blockchain Life 2020’s attendees.Choose the best type of participation now while tickets are available: https://blockchain-life.com/europe/ru/.Forum’s organizers: Listing.help, the world’s leading listing agency on crypto exchanges, and Ideo.one, an international association. General sponsor — a cryptocurrency exchange BitForex.com.Blockchain Life 2020 Welcomes 5000 Participants and Leading Companies of the Industry on April 22-23 in Moscow
It’s always refreshing to see someone who truly understands bitcoin. They don’t just “like” it or invest in it; they spend time getting to know it and how it works. One such person is Deana Burke, the founder of Gracias, an organization devoted to ensuring women, teenagers and minorities understand crypto.
Deana Burke: BTC Can Change Everything
Burke explains in an interview that she wasn’t always familiar with the concept of crypto. At first, the system appeared relatively confusing, but she was attracted by its ability to disrupt finance. Several of its properties appeared to be on the verge of taking our monetary system to new heights, and before long, she found herself purchasing BTC and embarking on a quest to ensure other people did the same.
Discussing the world’s leading cryptocurrency by market cap, she explains:
There’s a purity in its formation, like the lack of a founder figure. It’s truly powered by the network and by a community of developers.
This description goes hand in hand with what bitcoin and many of its altcoin counterparts are all about – giving financial power back to the people. Our global financial infrastructure is still largely dominated by banks and standard institutions. They have the power, and they can decide who gets access to specific tools and who should be barred from them.
If you lack stellar credit or don’t have a strong enough job history, your application for a bank-issued credit or debit card can be quickly denied. In addition, the bank can also decide that you’re not eligible for a checking or savings account. These tools are needed by everyday people to make purchases and ensure their families survive.
However, bitcoin and cryptocurrencies tend to be far less discriminatory. For one thing, bitcoin does not check your credit history. All one needs to do is open a digital wallet or exchange account online and boom! They’re free to trade, purchase and sell crypto as they see fit. In addition, most cryptocurrency transactions have some form of privacy attached to them, ensuring that your identity will typically remain hidden from snoopers and third parties that may be up to no good.
People Don’t Know Enough About It
Burke has no doubt bitcoin can change our financial system as we know it, but there are problems, perhaps the biggest one being that people lack the education necessary to understand it. She states:
The only think keeping people from being able to access it is information and knowledge. It represents a level playing field for people who don’t necessarily come from generational wealth… If it’s going to be this new economy in ten years, then knowing a little bit about it today could mean a world of difference to someone tomorrow. That’s my personal mission. It’s what gets me out of bed every morning.
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We’ve said it before, and we’ll say it again… You just can’t please everybody, and when it comes to crypto and bitcoin, this applies double. Another gazillionaire – Ray Dalio – is trashing the world’s leading digital currency by market cap and claims that there are serious problems with investment strategies that revolve around it.
Ray Dalio: BTC Isn’t What You Think It Is
Dalio is a billionaire and the founder of Bridgewater Associates. In a recent interview, he tells his listeners that bitcoin is not the solution they’re looking for. Everybody is seeking a “safe haven” in times of economic turmoil, but he assures his listeners that bitcoin isn’t it. Rather, they should turn their attention to precious metals like gold.
Dalio – spewing out the typical gloom-and-doom one often hears from financial conglomerates these days – believes that the global economy is nearing another serious downfall. He claims:
We’re in a spot in monetary policy where you can no longer stimulate the same way you did before. The way it works is they print money, they buy a bond, they give it to the seller of the bond, and they buy other financial assets.
He also believes that this economic fallout could occur during the U.S.’s upcoming presidential term, and that many are losing their faith in government bonds. He explains:
When you get negative-yielding bonds or something, you’re approaching a limit. We are approaching a limit that will be a paradigm shift, I think… It’s going to happen. You can’t jump into cash. Cash is trash… because they’re going to print money.
Facing a future such as the one that Dalio paints would be problematic for most people, whether they’re serious investors or not. In times like that, people need to ensure that they have the reserves necessary to keep their homesteads stable, but Dalio is convinced that bitcoin is not the answer.
One of the problems the billionaire investor sees with the digital currency is that it’s not utilized the way gold is by governments. Typically, government wealth is accumulated and stored in gold bullion, not bitcoin, and considering it’s not a mainstream asset at the time of writing, Dalio doesn’t believe bitcoin can serve any real purpose in times of economic trouble.
Bitcoin Doesn’t Keep Governments Afloat
There are two purposes of money: a medium of exchange and a store-hold of wealth, and bitcoin is not effective in either of those cases, now… Who is going to do the buying? Central bankers and others. What are they going to hold as reserves? What has been tried and true? Are they going to hold digital bitcoin? They’re going to hold gold. That is a reserve currency, and it’s been a reserve currency for a thousand years.
Other billionaires who have expressed negative ideas towards bitcoin include Warren Buffett and President Donald Trump.
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