High net worth individuals including Ray Dalio and Thomas Peterffy, who have previously criticized BTC, recently invested in the digital asset
- Bitcoin’s market dominance has fallen to a relatively low 37% over the past week.
- Chinese mining equipment maker BTC Canaan Inc has expanded its commercial presence in Kazakhastan by deploying more than 10,000 miners to the region.
- The total BTC accumulated by listed companies has increased quite significantly during 2021, according to reports.
Bitcoin, the world’s largest cryptocurrency by total market cap, has had a rough start to the year, posting losses of nearly 6% in the past 14 days. When it comes to pricing, the flagship crypto has remained completely in the A $ 63,000- $ 67,000 range since January 1, indicating more losses could occur in the near term. At the time of going to press, BTC is trade at a price of AU $ 64,192.
Despite these alarming numbers, reports show that the number of billionaires around the world who have continued to accumulate crypto – mainly BTC – has risen dramatically, especially as inflation fears continue to loom in the face of it. ‘horizon.
In fact, even previously vocal anti-crypto proponents, such as Hungarian-born business mogul Thomas Peterffy (whose net worth is touted to exceed US $ 25 billion) have recently turned to digital currencies. In one recent interview, he was quoted as saying that investors should have at least â2% to 3% of their portfoliosâ in crypto assets.
Although he did not disclose the exact amount of his crypto investments, Peterffy noted that there is a possibility that digital currencies could generate extraordinary returns for their owners, adding, âI think it can go down to zero, and I think it can go up to a million dollars. . I have no idea.”
Likewise, Ray Dalio, founder of Bridgewater Associates, who has previously questioned Bitcoin’s value as a tangible long-term SOV, recently said his wallet now contains both BTC and ETH. Finally, billionaire hedge fund manager Paul Tudor Jones also revealed during the fourth quarter of 2021 that he had added Bitcoin to his portfolio, citing inflation as the main driver of his investment decision.
How to buy Bitcoin
China’s BTC mining ban has been a blessing in disguise for Kzakhastan
Since China launched a nationwide crackdown on its local cryptocurrency mining industry late last year, a number of neighboring countries have helped fill the void by offering miners no only cheap fuel, but also an extremely welcoming business development environment.
In this regard, one of the world’s largest manufacturers of Bitcoin mining hardware Canaan Inc has successfully expanded its activities in the Central Asian country of Kazakhastan after entering into various strategic partnerships with mining companies operating in the region. The Nasdaq-listed company recently revealed that it has been able to deploy more than ten thousand AvalonMiner units across the country in recent months.
The accumulation of BTC by large companies has increased significantly in the last year
According to analyst Willy Woo, the number of publicly traded companies holding Bitcoin has increased quite significantly in the past 12 months. This sharp increase can, in large part, be attributed to the exit of BTC ETFs last year. Some of the leaders in this regard were Grayscale and Microstrategy headed by Michael Saylor.
Interested in cryptocurrency? Learn about the basics with our beginner’s guide to Bitcoin, dig deeper by learning about Ethereum, and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing
This information should not be construed as an endorsement of the cryptocurrency or any specific provider, service or offering. This is not a trade recommendation. Cryptocurrencies are speculative, complex, and involve significant risk – they are very volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Be aware of your own situation and get your own advice before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the websites of relevant regulators before making a decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.