Bridgewater Associates founder Ray Dalio said Bitcoin is “one hell of an invention” and he’s considering cryptocurrencies as investments for new funds offering clients protection against the debasement of fiat (paper) money.
“To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment,” Mr. Dalio wrote in a note to clients and later posted on Bridgewater’s website. “There aren’t many alternative gold-like assets at this time of rising need for them.”
Crypto spot volumes Friday spiked to about $9-B the 2nd-highest mark in January according to CoinDesk 20.
Bitcoin’s price jumped Friday. In the span of 1 hr, starting at 9:00 UTC (4:00 a ET), the world’s largest cryptocurrency gained 11%, going from $33,377 to $37,113 according to CoinDesk 20 data.
Then over the next hrs Bitcoin hit a 24-hr high of $38,566 before profit taking sell orders started to take over the market, with the price per 1 BTC at $34,616.
It will be interesting to see how Bitcoin performs over the weekend because crypto never sleeps.
Ether (ETH), the 2nd-largest cryptocurrency by market cap was up Friday trading around $1,348 and climbing 0.81% in 24 hrs as of 21:00 UTC (4:00p ET).
DeFi (monthly decentralized exchange) or DEX, volumes for major projects in the Ethereum ecosystem have bested $50-B locked, according to data aggregator Dune Analytics.
Have a healthy weekend, Keep the Faith!