Cointelegraph By Martin Young
As the Bitcoin correction deepens, the fear, uncertainty, and doubt has returned, with billionaire hedge fund manager Ray Dalio adding a whole bunch more of it.
In an interview with Yahoo Finance’s editor-in-chief on March 24, the founder of the $150 billion hedge fund Bridgewater Associates stated that there is a “good probability” that the U.S. government could ban Bitcoin just as it did with gold ownership in the 1930s.
That happened because government leaders at the time did not want gold to compete with fiat money and credit as a store of wealth, Dalio added.
“They don’t want other monies to be operating or competing because things can get out of control. So I think that it would be very likely that you will have it, under a certain set of circumstances, outlawed the way gold was outlawed.”
The billionaire hedge fund manager and philanthropist, who called Bitcoin “one hell of an invention” and compared it gold in January, pointed out that India’s government is already trying to ban Bitcoin and cryptocurrency trading in general. He added that he is not an expert but asserted that it can be tracked and the government can work out who is dealing with it.
However, there was a little light at the end of Dalio’s gloomy outlook when he acknowledged BTC has stood the test of time as an asset class.
“Bitcoin has proven itself over the last 10 years, it hasn’t been hacked. It’s by and large, therefore, worked on an operational basis. It has built a significant following. It is an alternative, in a sense, storehold of wealth. It’s like a digital cash. And those are the pluses.”
On March 16, Dalio stated that the U.S. government could target those ditching the dollar for Bitcoin as it becomes “inhospitable to capitalism” in preparation for “shocking” tax changes to tackle the national debt crisis.
The comments come as Bitcoin’s correction continues to deepen as signs that the bull market is entering its latter stages have emerged on-chain. BTC has corrected by 13.5% from its all-time high of $60,100, to current prices of around $52,000.
“Bitcoin maximalists? They can’t stop innovation,” says Mati Greenspan
Cointelegraph By Marco Castrovilli
In an exclusive interview with Cointelegraph during Bitcoin 2021 in Miami, Greenspan criticized a segment of Bitcoin (BTC) maximalists for being “small-minded and insecure,” pointing out that they don’t have control over the main cryptocurrency.
“They cannot stop any kind of innovation from happening. So let them yap, it doesn’t bother me,” said Mati Greenspan, founder and CEO of Quantum Economics, about Bitcoin maximalists.
Greenspan‘s statements came a few days after a number of Bitcoin hardliners attacked him on Twitter for calling the Bitcoin conference in Miami “a crypto conference.”
Greenspan’s inclusive view on crypto is also reflected in his diversified investment portfolio. When asked about it, Greenspan pointed out that Dogecoin (DOGE) is his top holding on eToro. “Why not?” he said. “It’s funny!”
Check out the full interview on our YouTube channel, and don’t forget to subscribe!
Over 2 million adults in UK now hold crypto, FCA survey finds
Cointelegraph By Helen Partz
A new study by the United Kingdom’s Financial Conduct Authority has indicated a significant increase in cryptocurrency ownership in the country.
On Thursday, the FCA published the results of a consumer survey which found that 2.3 million adults in the U.K. now hold crypto assets, up from 1.9 million last year. Alongside the increasing number of crypto investors, the study also identified a surge in ownership volumes, with median holdings rising to 300 British pounds ($420) from 260 pounds ($370) in 2020.
The rising popularity of holding cryptocurrency comes in line with an uptick in the awareness level as 78% of adults said they have heard of crypto, up from 73% last year.
Despite the rising awareness and ownership of crypto, the FCA study has flagged a notable decline in understanding of cryptocurrencies, suggesting that some people who have heard of crypto may not fully understand it.
According to the report, only 71% of respondents correctly identified the definition of cryptocurrency from a list of statements, down 4% from 2020. “This suggests there may be a risk of consumers engaging with cryptocurrency without a clear understanding of it,” the FCA noted.
Related: Crypto and ‘meme stocks’ shunned by 90% of UK financial advisers
Sheldon Mills, the FCA’s executive director of consumers and competition, said that some U.K. investors have benefitted from the bull market this year. “However it is important for customers to understand that because these products are largely unregulated that if something goes wrong they are unlikely to have access to the FSCS or the Financial Ombudsman Service,” he added.
The FCA study also said that U.K. consumers significantly favor Bitcoin (BTC) over other cryptocurrencies, with 82% of respondents recognizing BTC. Among those who recognized at least one cryptocurrency, 70% recognized only Bitcoin, up 15% from 2020, the study said. “It seems likely many adults who have now heard of cryptocurrency are only acquainted with Bitcoin,” the FCA stated.
SEC opens to comments on whether to approve VanEck Bitcoin ETF
Cointelegraph By Turner Wright
The U.S. Securities and Exchange Commission has issued an order allowing the public to comment on the proposed rule change surrounding the Bitcoin exchange-traded fund from asset manager VanEck.
According to a Wednesday filing from the SEC, the regulatory body has not yet reached a decision on whether to approve or disapprove of VanEck’s Bitcoin exchange-traded fund, or ETF, but “seeks and encourages interested persons to provide comments” on the proposal. Specifically, the commission is asking the public to consider whether they believe the Bitcoin ETF would be susceptible to manipulation and designed to prevent fraudulent and manipulative acts and practices.
The SEC also asked people to weigh in on “the suitability of Bitcoin as an underlying asset for an exchange-traded product,” and the liquidity and transparency of the Bitcoin (BTC) market. Existing rules require that national securities exchanges are aimed to “protect investors and the public interest.”
Anyone interested in commenting on the proposed Bitcoin ETF will have until 21 days after the order is published in the Federal Register, and 35 days after publication in the same register for rebuttals. Members of public can submit comments through the SEC website, via email, or snail mail.
Related: SEC pushes decision on VanEck Bitcoin ETF until June
VanEck submitted the paperwork to apply for a Bitcoin ETF with the SEC in March following the asset manager withdrawing a similar application it had filed in January in partnership with blockchain startup SolidX. The commission has already extended the deliberation window once, from May 3 to June 17.
The SEC has the ability to extend the deadline in 45-, 45-, 90- and 60-day increments — up to 240 days — before delivering a final decision. However, under Section 19(b)(2)(B) of the Securities Exchange Act of 1934, the commission also has the right “to determine whether the proposed rule change should be disapproved” prior to any deadline, as is the case in the request for public comment.
No Bitcoin ETF has been approved by regulators in the United States. Given the SEC’s continued delays in the case of VanEck’s, Valkyrie Digital Assets’ and Fidelity Investments’ proposed BTC exchange-traded funds, many do not expect an approval soon. However, Canadian officials have given the green light for many crypto ETFs this year, including offerings from investment fund manager 3iQ, Purpose Investments, Evolve Funds Group and CI Global Asset Management.
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