Billionaire hedge fund manager Ray Dalio is bullish on Bitcoin in 2022, listing three primary reasons: the network has never been hacked; it has no better competitor; and BTC adoption rates would suggest that it could further chip away at gold’s market capitalization. Dalio suggested that 1-2% of a portfolio could be a reasonable allocation.
Moneygram has acquired a 4% stake in Bitcoin kiosk operator Coinme. The acquisition aims to help Moneygram bridge the bitcoin and fiat worlds, while Coinme will be able to expand internationally.
An internet shutdown has impacted Kazakhstan, the world’s second-biggest bitcoin mining hub, by taking about 15% of the miners offline. Although the bitcoin network didn’t skip a beat, the event highlights the need for miners to find a stable home with an energy grid that supports mining activities.
Electronics giant Samsung has opened a virtual replica of its flagship store, in metaverse platform Decentraland. Samsung plans to use the corporate metaverse land purchase to showcase new products from CES and also to highlight sustainability initiatives.
U.S. stocks drifted lower on Thursday after fluctuating throughout the session, as investors reassess valuations in the wake of the Fed’s signal to aggressively combat elevated prices.
40% of firms on the Nasdaq Composite Index firms have fallen by at least half from one-year highs. At no other point since the dot-come bubble have so many companies fallen like this while the index itself remains near its peak.
U.S. trade deficit in goods hit a fresh record in November due to strong demand and an easing of supply-chain issues. The goods deficit increased in November to a record $99 billion.