Whales and pro traders are the only investors who have made money from Bitcoin, and retail investors have probably lost their money if they bought Bitcoin after 2015, the Bank for International Settlements (BIS) has said in a report.
The BIS report examines how retail investors flooded the space when the price of coins and tokens started plummeting. Most of the buying took place when Bitcoin was above $30,000, decrypt said quoting the BIS report.
Bitcoin is currently trading around $25,000, down 64 per cent from its all-time high of $69,000.
According to BIS, when Terra and FTX crashed, larger holders typically benefited at the expense of small investors.
Digital Currency Can Solve Inflation, Says World’s Largest Hedge Fund Founder
Bridgewater Associates founder Ray Dalio has said that digital currency has the potential to solve inflation.
“Money as we know it is in jeopardy because we are printing too much, and it’s not just the United States,” decrypt quoted him as saying.
Dalio, who is also the world’s largest hedge fund founder, said that the closest thing on the market to his vision is an inflation-linked index bond in the form of a digital currency. “I think that what would … be best is an inflation-linked coin,” he said.
Dalio ruled out Bitcoin as a solution, as it has proven to be too volatile. He said biotech and many other industries are “more interesting than Bitcoin”.
Aramco Partners With DroppGroup For Web 3.0 Tech
Saudi Aramco, the Kingdom of Saudi Arabia’s state-owned petrol and gas energy giant has signed a memorandum of understanding (MoU) with droppGroup to explore the possibility of co-developing a range of Web 3.0 technologies, CoinDesk reported.
Saudi Aramco is estimated to be worth nearly $2 trillion.
Blockchain-powered Web 3.0, the third generation of the Internet, aims at helping Aramco’s employees. The applications running on the Blockchain offers potential on on-boarding, training ecosystems, as well as a tokenised network and rewards program.
Web 3.0 technology provider droppGroup has a tech stack that includes artificial intelligence (AI), machine learning (ML), virtual reality (VR), tokenised networks, and metaverse.
