Hey Redpill Readers!
Here are the latest must reads in the cryptoverse...
BILLIONAIRE RAY DALIO SEES GOVERNMENTS BANNING BTC
The head honcho at Bridgewater Associates, Ray Dalio, had a stark warning about how future governments will deal with Bitcoin.
The founder of the world's largest hedge fund recently said… he sees three problems with BTC (and cryptocurrencies) that could change things a lot:
Lack of venues... He argued that there are not enough venues and retailers that accept cryptocurrencies for purchase. Which is why the American billionaire went on to say: "I can't take my Bitcoin yet and buy things easily with it."
Way too volatile... Dalio said it's volatile nature could affect its future. And he's got a point, if we really want to use BTC and cryptos for transactions. But do we?
The billionaire also predicts: Governments will "outlaw" bitcoin. In fact, he believes they will "use whatever teeth they have to enforce that."
Diversify with gold? Dalio instead praised gold and central bank digital currencies.
But he's not the end all, be all.
There are other legends in the traditional financial world that have spoken up…
Well, there’s Mexican billionaire Ricardo Salinas Pliego, the second-wealthiest man in Mexico and 166th wealthiest person in the world.
He revealed that 10% of his “liquid portfolio” is invested in Bitcoin.
Honestly, it’s about time Ricardo stepped up his game.
And there’s more...
How about billionaire investor, Stanley Druckenmiller, who built his $4.4 billion fortune as the head of Duquesne Capital Management.
Quick rewind: He claimed in 2018 that he “didn’t want to own bitcoin,” yet he recently came out and changed tune. He said and we quote: "If the goldback works, the Bitcoinback will probably work [even] better."
If we didn’t know better…
It sure sounds like Druckenmiller has taken the redpill.
Exit the matrix. And join the club, Stan. It’s never too late.
ETHEREUM 2.0 UPGRADE IS COMING REAL FAST
Eth 2.0 is right around the corner, folks.
What does it bring to the table?
In a nutshell:
It's a multi-year plan to improve the scalability, security and programmability of Ethereum (but without compromising on decentralization).
This is happening under what Vitalik Butirin refers to as a “rollup-centric ethereum” with a lot of exciting new capabilities. Ethereum will soon be able to scale, and scale fast, to around 3,000 transactions per second. Don’t know about you. But we like it fast. Fast like a nascar.
The development for Eth 2.0 is built around a separate proof-of-stake blockchain network called the beacon chain. And, on this new platform, all you ETH holders with a minimum of 32 ETH will be able to earn rewards in the form of annualized interest on their wealth.
Which leads us to a big question...
Would you rather have 1 BTC or 32 Eth? It's your call.
Right now, more than 500,000 ETH have been locked and loaded into Eth 2.0’s deposit contract, jump-starting this new network (and multi-year development phase).
Meanwhile, JPMorgan analysts say: Institutions are all piling into Bitcoin.
The truth is...
You really can't go wrong with either of these two options.
GOLD BUG CHANGES GAME PLAN AND INVESTS IN BTC ‘COCKROACH’
Here are the deets: Pendal Group, an Australian Securities Exchange-listed investment manager with over A$100 billion (US$73.6 billion) in assets under management, is making a splash in our space. How, you ask?
They're getting into Bitcoin and for good reason.
Says who? Says Vimal Gor: Right now, he’s Pendal’s head of bond, income and defensive strategies. And he said recently that the company is now investing in Bitcoin futures on the Chicago Mercantile Exchange (CME).
Zooming with the Australian Financial Review: Gor thinks not only is bitcoin “entering the realm of mainstream,” as shown by the entrance of major hedge fund managers, but that no one entity can stop it.
In fact... he took it a step further with another goodie. He said “bitcoin is a cockroach that exists [and that] they can’t ban it out of existence.”
This is an arrow shot back at Dalio... and his prediction of a government ban. But we agree with Gor. Can’t get rid of cockroaches.
And you certainly won’t get rid of BTC.
But good luck trying.
MORE REDPILL CRYPTO NEWS
World’s second-biggest bank to issue $3B in bonds tradable for bitcoin
Did you know the AP published election results on ethereum’s blockchain? - read more about it, right here
Are you a Scott Adams fan? We are. Here’s a Dilbert cartoon on blockchain
FTX is allowing Trump bettors to hold onto their bets until February
JP Morgan Analysts: Group of large investors may be ditching gold ETFs for bitcoin
President-elect Joe Biden tapped former Federal Reserve Chair Janet Yellen as the next U.S. Treasury Department head, with oversight of FinCEN, IRS and the Office of the Comptroller of the Currency (OCC)
‘Cypherpunk, Crypto Anarchy and How Bitcoin Lost the Narrative’ – Brady Dale’s crypto-philosophical essay makes for an interesting read
Square and PayPal bullish outlook amid the crypto surge
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