Author: Staff

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Opinions

We All Need to Stop Only Seeing the Dark Side of Crypto.

Sure the Crypto industry is characterized by the unending scams that take innocent investor’s money, but we need to give the new currency the benefit of the doubt. A number of African countries have refused to accept and recognize  the currency as legal tender. 

In Uganda, the Ministry of Finance, Planning, and Economic Development released a public statement on Crypto Currencies stating that, “ The government of Uganda does not recognize any crypto-currency as legal tender in Uganda.” “ The government of Uganda has not licensed any organization in Uganda to sell crypto-currencies or to facilitate the trade in crypto-currencies and so these organizations are not regulated by the Government or any of its agencies.” – the statement added.

Other countries like Algeria, Libya, Russia, Bolivia and Morocco have taken harsh measures to ban the use of crypto currencies. Many individuals still think of cryptocurrencies as a massive, worldwide get-rich-quick scheme. Others reject the whole thing as a speculation-fueled craze at best, and a criminal operation at worst. But, in the midst of all the noise, excitement, and hype, we may be overlooking the most essential story: how Bitcoin is altering lives in developing countries.

Take, for example, Cuba, where internet penetration has increased from less than 40% in 2015 to an estimated 70-80% now. Cubans, like most people, desire to buy and sell products online, but unlike most people, they are unable to do so using a debit or credit card. Ordinary Cubans are cut off from the global banking system as a result of US sanctions.

They can’t use a card to establish a Spotify membership, buy a domain name, or pay for website hosting. This means that if Cubans want to do business online, especially with other countries, they must use cryptocurrency. And there’s always a method when there’s a need. Cubans have found alternatives, such as Bitrefill, a website that sells Spotify and other gift cards for cryptocurrency. On a population-adjusted basis, Bitrefill data from June 2021 shows that four times as many people buy Cuban digital items (such as Cubacel phone top-ups) using cryptocurrencies as they do analogous US products.

While crypto acceptance has been a bottom-up phenomenon in Cuba, El Salvador’s controversial president, Nayib Bukele, has declared Bitcoin legal tender. President Bukele believes that the government-sponsored Bitcoin wallet already has more users than the whole Salvadoran banking sector, possibly saving thousands of people who are currently unbanked. The Lightning network, which allows for cheaper and faster bitcoin transactions, is used in part by these Bitcoin wallets. In every Salvadoran McDonald’s and Starbucks, you can now pay quickly using Bitcoin, which sounds futuristic and thrilling.

Bitcoin is slowly but steadily becoming a part of the Venezuelan economy. Venezuelan banks are cut off from the rest of the world due to currency controls, thus Bitcoin is utilized to transport money in and out of the nation via peer-to-peer markets where people may easily trade Bitcoin for cash. A natural experiment in 2019 highlighted the influence of these markets when, during a huge electrical outage in Venezuela, Bitcoin trade volumes across Latin America plummeted considerably. In today’s Venezuelan foreign exchange market, peer-to-peer crypto exchanges are widely recognized as a vital component.

Nigeria, the only African country to authorize the usage of crypto currencies, expects its economy to grow even more, and digital currencies have attracted the interest of the country’s citizens. As a result, Nigeria’s market demand is only expected to rise in the coming years. However, many local enterprises in Nigeria are still working hard to assist the country’s market development. 

Naijacrypto is one of these companies, and it is regarded as one of the best not just in Nigeria but also across the continent. Since its inception in 2019, Naijacrypto has grown to become one of the market’s top leaders. The company just released a new mobile app that allows its customers to use their phones to access various types of blockchain-based financial services. The bitcoin market in Nigeria is expected to offer greater opportunities for future growth thanks to enterprises like these. While the cryptocurrency market is currently quite popular among the country’s citizens, much more needs to be done, particularly on the government’s side.

Cryptocurrency is infiltrating people’s lives not only as a financial tool, but also as a cultural phenomenon. NFTs, or virtual assets pushed by artists and celebrities ranging from Snoop Dogg to Paris Hilton, and the recent launch of “Out of Africa” digital assets have gotten a lot of press. Crypto gaming is a lesser-known phenomena. Gamers spend a lot of time online and want to feel genuinely in control of their in-game assets, whether it’s Counter-Strike skins, Warcraft money, or Runescape caps. This is the promise of crypto games, which convert virtual things into unique cryptocurrency tokens that gamers can save in their digital wallets and trade or migrate to other platforms as their inviolable belongings.

Popular perception in Uganda remains that the nature of crypto-currencies make them attractive for use in criminal transactions such as money laundering, sale of prohibited goods and services, and fraudulent ventures such as Ponzi and pyramid schemes. Despite this, an increasing number of people in the world are opting to employ a technology meant to assist them protect their riches from seizure, tyranny, or arbitrary limits. Whatever you think about crypto, its ability to be a positive factor in some parts of the world should not be overlooked.

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Business

Asset classes of 2021: Bitcoin’s surge leaves gold in the dust.

Despite rising inflation, gold is among the worst-performing major asset classes in 2021, as the precious metal’s luster has waned in comparison to bitcoin, which some regard as its digital equivalent.

Even with investors looking for security as consumer prices increase around the world, the precious metal, which is typically praised as an inflation hedge, has plummeted 5% this year. Bitcoin, on the other hand, has experienced a significant, albeit turbulent, surge in 2021, with a year-to-date gain of 65 percent.

The Federal Reserve’s pullback from crisis-era stimulus measures, as well as increasing bond yields in the US, have created “huge headwinds” for gold, according to Francisco Blanch, a strategist at Bank of America. He added that a higher dollar has hurt the metal’s performance by making it more expensive to international investors.

Bitcoin supporters perceive the cryptocurrency, which they refer to as “digital gold,” as a hedge against inflation due to its limited quantity. Cryptocurrencies like bitcoin and ethereum, on the other hand, are more akin to “risk assets” than havens, according to Blanch, who described them as extremely volatile and increasingly “correlated to equities and risk” as their use in some investor portfolios grows.

Bitcoin’s risk-adjusted returns, which take volatility into account, are substantially lower. According to Goldman Sachs assessments, the digital asset’s Sharpe ratio was 0.9, which was lower than most other asset classes. Its value plummeted by $10,000 in less than an hour in early December.

Although the Omicron coronavirus variant’s appearance has cast doubt on forecasts, analysts remain optimistic. “We’re much more enthusiastic about cyclical commodities [than gold] because we believe the economic cycle will continue into next year,” Blanch added.

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Promotions

Africa Only — Tell a Friend to Tell a Friend

Campaign Period: Nov. 26, 2021, 12:00 AM UTC – Dec 31, 2021, 11:59 PM UTC

Bybit appreciates you as an active and loyal user, and we would like to incentivize you to invite new users onto our platform by giving you a $30 reward for every new user who signs up and trades on Bybit through your referral link.

Terms and conditions

  • For existing users to benefit, new users must sign up through your referral link, deposit and trade a minimum of $10.
  • New users can sign up, trade, and start inviting new users through their referral links.
  • Bonuses are given to every new user who signs up through the referral link. 
  • A new user is one who has never deposited any assets on Bybit.
  • Only users who opt-in via the respective links during the promotional period will be eligible for this campaign.
  • The campaign only applies to verified Bybit users from Africa.
  • All participating users must strictly abide by the Bybit Terms of Service.
  • Bybit reserves the right to the final interpretation of this event.
  • Bybit reserves the right to disqualify trades deemed to be pseudo trades, displaying market manipulation attributes, bulk account registrations for additional bonuses, or other fraudulent attempts.

Also, follow us on Twitter and Telegram.

Risk Warning

Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, purchase objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Bybit based on the legal requirements in your country of residence.

Bybit reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.

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Promotions

Africa — Trade and Win SHIB

SHIB has been listed on Bybit, and we have committed a total of $50,000 in prizes to celebrate this. This campaign will cater to both new and existing users, as well as high-volume traders.
Competition Period: DEC. 10, 2021, 00:00AM UTC to Dec. 31, 2021, 11:59PM UTC

Campaign 1: $20,000 to be shared by users who have never funded their Bybit accounts.

All users who fund their Bybit accounts during the competition period and opt-in using the button below will be eligible to share from a $20,000 prize pool.

Campaign 2: $30,000 to be shared by users who have traded over $100 in SHIB.

All users who achieve a total trading volume of $100 in SHIB or more during the competition period will share from a pool of $30,000 based on the proportion of each user‘s individual trading volume.Opt-In

Campaign 3: Post a video on Instagram or Twitter explaining how you can fund and trade SHIB using your Bybit account. Make sure to include #ShibOnBybit and also share your referral link. The top posts will win the following.

  • Winner 1: iPhone 13 Pro
  • Winner 2: iPhone 13
  • Winner 3 and 4: iWatch Series 7
  • Winner 5 and 6: $200 in SHIB
  • Winners 7 to 10: Shopping vouchers(Amazon, Jumia) worth $100

Share your UID and Link to the post HERE.

Reward Calculation:

The reward for each qualified user = (Each user’s total effective trading volume / all qualified users’ total effective trading volume) * $30,000.

If you want to earn more:

1. Register via the button below if you don’t have a Spot account 

Register Now

2. Deposit on Bybit

Deposit Now

New users will get an extra $30 bonus for their first deposit. Please see the relevant campaign HERE.

P.S. Follow us on Twitter and Telegram to get the latest Bybit campaign and product updates!

Terms & Conditions

  • Only users who Opt-in and Register via the respective buttons will be eligible for this event.
  • The campaign is only applicable to verified Bybit users in Africa.
  • Deposits from one Bybit account to another are not eligible for rewards.
  • Eligible users will be notified by email within seven (7) days after the end of the event to receive the rewards.
  • All participating users must strictly abide by the Bybit Terms of Service.
  • Bybit reserves the right to the final interpretation of this event.
  • Bybit reserves the right to disqualify trades deemed to be pseudo trades, displaying market manipulation attributes, bulk account registrations for additional bonuses, or other fraudulent attempts.

Risk Warning

Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, purchase objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Bybit based on the legal requirements in your country of residence.

Bybit reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.

Categories
Business

Tinder, Stripe, Instagram Vets Announce $50M Crypto fund with focus on Design

The crypto industry is increasingly growing and attracting users from all over the world, in Uganda, it is one to watch out as the new generation of investors are embracing it. This is why an investment firm called Chapter One which just raised a $50 million fund is worth your time.

The fund’s goal is to help startups bridge the gap between so-called Web2 (which offers easy-to-use centralized services like Google and Facebook) and the emerging world of Web3, whose applications are often still clunky and hard to use, or require tech-savvy. It is led by former executives from Tinder, Stripe, and Instagram—three companies known for excellent design—and its goal is to help startups bridge the gap between so-called Web2 (which offers easy-to-use centralized services)

The fast-growing crypto wallet Metamask, which features a primitive UI that irritates many users, exemplifies Web3’s design challenge. Chapter One co-founder Jeff Morris Jr. delicately described the MetaMask experience as “not ideal” in an interview with Decrypt, and said that Web3 platforms in general need to become easier to use.

“There’s a lot of things that worked in Web2 that could be incorporated into Web3,” said Morris, former VP of Product at Tinder.

Chapter One has prior experience in the crypto world having invested in the seed rounds of over a dozen businesses, including Compound and Dapper Labs, who have gone on to become industry giants. The business has made profitable investments on Lolli, a Bitcoin rewards scheme, and other companies that provide crypto features without requiring any technical knowledge.

Chapter One’s new fund is backed by Venture Capital firms such as Sequoia and Lightspeed, as well as significant blockchain players such as Chris Dixon, Marc Andreessen, and Reddit founder Alexis Ohanian. The firm will bet big on the idea of making cryptocurrency more accessible.

In effect, this means the company will set aside $10 million for initiatives involving the Ethereum Name Service (ENS), which converts large strings of characters required for wallet addresses into simple terms like “georgewashington.eth.” According to Morris, the next phase of cryptography will be defined by the creation of a “identification layer” that will “humanize” and “personalize” the technology.

According to Morris, part of this process would entail sponsoring initiatives that identify solutions to overcome another key barrier to crypto adoption: the prohibitively high “gas” fees that come with many Ethereum transactions.

A new type of Venture Capital firm.

Chapter One argues that the growing crypto sector necessitates a new form of venture capital firm than the traditional ones that have shaped Silicon Valley over the last two decades.

The most valuable thing a Venture Capital firm can offer a startup in its portfolio is money, access to a network of other companies and well-connected executives, according to the traditional model. Those ties are frequently crucial for a company to obtain visibility or find a customer base for its goods. 

Project founders in the developing crypto business, on the other hand, are more interested in receiving practical, hands-on coaching than in gaining access to Silicon Valley networks.

Chapter One intends to hire people who can spend time at the startups it backs, assisting founders with challenges such as user experience and design.

Morris also feels that funding patterns for crypto businesses differ from those for traditional firms. Instead of five or six rounds in each, with VC firms fighting for the lead investor, Morris claims that crypto startups want fewer rounds with money coming from a diverse set of investors.

“Founders in crypto prefer more participants so if you get a large ownership share of a company, something’s gone wrong,” he says.

This is one of the main reasons why Chapter One intends to focus on early-stage crypto companies, signing cheques ranging from $500,000 to $2 million. “We’re beginning from the ground up for what a VC fund would look like if you were developing for Web 3,” Morris explained. 

Categories
Business

Binance sets sight on Bahrain Crypto License

Binance’s efforts to become fully regulated may soon be rewarded after the Central Bank of Bahrain (CBB) granted the company in-principle clearance to operate in Bahrain.

CBB is “the first regulator in the Middle East North Africa (MENA) area to award an in-principle clearance to a Binance business,” according to a statement released by Binance on Monday. The exchange must still go through the whole application process after receiving “in-principle permission” from CBB.

CBB’s Director of Licensing, Abdulla Haji, confirmed the plan, stating that license is “only a matter of formality” if Binance completes the establishment requirements. According to Haji, the Kingdom of Bahrain is “the ideal location” for Binance to establish its MENA headquarters.


“Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption,” Changpeng Zhao, Founder, and CEO of Binance.

After receiving CBB clearance in 2019, Rain Financial, a cryptocurrency exchange sponsored by BitMEX and other investors, became Bahrain’s first registered digital asset services provider.

Binance’s announcement also coincides with the company’s transition from a decentralized corporate structure to one with operations focused in a single country.

Following today’s announcement and recent deal in Dubai, the Gulf region is now looking like a top destination.

Binance and the Dubai World Trade Centre Authority (DWTCA) inked a memorandum of understanding last week with the goal of developing a digital assets sector cluster.

Binance’s Regulatory hurdles 

Binance and its subsidiaries have had a difficult year, with regulators in the United Kingdom, the Netherlands, Japan, Italy, and a number of other countries issuing warnings about the exchange’s unauthorized operations.

Some jurisdictions even launched enforcement action against Binance for illegal activities.

Binance’s local organization was recently fined approximately $750,000 by Turkey’s Financial Crimes Investigation Board (MASAK) for breaking anti-money laundering guidelines.

The exchange withdrew its application for a license in Singapore earlier this month, adding that it will now turn its operations in Singapore into a “blockchain innovation hub”.

Categories
Business

Will the Metaverse Be Ruined by Brands?

Pepsi’s inaugural NFT collection, a series of cartoon microphones with Pepsi logo noses, was released last week. Budweiser, which changed its Twitter username to beer after purchasing an NFT and Ethereum domain name in August. Immediately, he replied “Greetings, brand new acquaintance. WAGMI.” “Thanks, fren! WAGMI,” Pepsi answered.

“This is going to look fantastic in the metaverse,” Facebook, which renamed itself Meta in October, tweeted to Pepsi.

“Just kill it all,” one Crypto Twitter user summed up the exchanges. “We’ve become the precise thing we came out to eliminate,” said another, sarcastically.

Adidas also announced a metaverse initiative with the studio behind Bored Ape Yacht Club this month, as well as purchasing a Bored Ape NFT and overlaying branded apparel over it. Nike purchased RTFKT, a metaverse shoe studio, so as not to be left out. A Sea Hams NFT and an Ethereum domain name were purchased by White Castle.

Nike’s move, in particular, sparked outrage among crypto enthusiasts. “Congrats on ur withdrawal from web3,” DIGITALAX’s Emma-Jane MacKinnon-Lee tweeted to RTFKT. It’s a shame you didn’t stick it out for the long haul. There’s still a lot of work to be done to revolutionize fashion and break free from legacy brand dominance.”

There were many “rip rtfkt” replies.

A conflict is on the verge of erupting. The fury can cut both ways: crypto people can see brands flooding into Web3 and making it uncool, similar to the many recent cases of gamers getting unhappy over crypto invading their platforms.

When Pepsi gleefully tweets it, crypto language like “WAGMI” (we are going to make it) could die quickly. In addition, Facebook’s attempt to recover the term “Even Keanu Reeves is appealing, “Can we just not have Facebook invent metaverse?” The concept of a metaverse is far older.”

But how about the technology?

Brands are scrambling to stake ownership claims in the metaverse, despite their attempts to adopt crypto terminology (and are already suing to do it). The concept of centralized businesses owning gated zones is diametrically opposed to the metaverse’s entire aim. The biggest challenge to an open metaverse, according to Animoca chairman Yat Siu, is tech giants like Facebook and Tencent, while Epic Games CEO Tim Sweeney believes no single business can own the metaverse. Meta, on the other hand, is a powerful competitor, with 2 billion users and a market cap of $930 billion.

All of this reminds me of the 2018 “blockchain, not bitcoin” hype cycle, when banks and other financial organizations began claiming to be developing their own blockchains (crypto, ehh, not so much, that was still icky to them). Blockchain’s entire premise is that it is permissionless, open, peer-to-peer, and decentralized. A JPMorgan-controlled, closed, permissioned blockchain misses the point. Then there were the blockchain name revisions, which culminated in Long Island Iced Tea becoming Long Blockchain.

Is it possible that all the brands snatching up.eth domain names will make owning one of them a lot less cool?

If you believe the metaverse is genuine and here to stay, as well as crypto tools like Ethereum domain names, NFTs, and DeFi pools, you won’t mind brands racing in because if it all truly gets mainstream, everyone will be in. And, in order for crypto to thrive, it must welcome everyone and provide easier UX onramps for beginners.

Nonetheless. It’s difficult not to grimace when you see a cartoon microphone with a Pepsi logo on it.

Categories
Business

Reddit’s Co-Founder, Polygon pledge $200m for Web3 Social Media, Gaming

article

Although social media could be one of the big, breakthrough use cases for blockchain-based apps in the future, we may still be a long way from a decentralized service that can compete with Facebook and Twitter on scale. However, a new investment fund launched by Polygon and Reddit co-founder Alexis Ohanian could assist accelerate the process.

Polygon, the layer-2 Ethereum scaling solution, and Ohanian’s Seven Seven Six VC firm have promised $200 million to the creation of decentralized social media apps on Polygon’s network.

The fund is intended to foster projects that harken back to the “early Web’s open-source values,” according to a Polygon post. “As one Facebook engineer famously observed, the brightest minds of our generation are thinking about how to make people click ads,” the post claims, implying that today’s social media behemoths have veered from that viewpoint.

This is Ohanian’s second Web3 social media-focused fund to be unveiled since the beginning of November. He announced a $100 million fund last month in collaboration with Solana, a leading blockchain network.

Finally, both funds appear to have similar goals in supporting decentralized social media ventures that challenge incumbent platforms’ supremacy. The $200 million Polygon fund will also focus on blockchain-driven games, according to Ohanian.

We’re still early in the Web3 era, and the most obvious prospects are in gaming and social media “In a statement, Ohanian added. “With an emphasis on gaming properties and social media platforms built on Polygon’s scalable infrastructure, this endeavor will do just that.”

Ohanian co-founded Reddit in 2005 and resigned in 2010, but he returned as executive chairman from 2014 to 2020 before quitting last year. This week, Reddit announced its plans to go public, and the popular online community is also extending its Ethereum-based crypto rewards project and developing an NFT marketplace.

Meanwhile, Ohanian is a strong supporter of cryptocurrency. While at his former VC firm, Initialized Capital, he was a seed investor in crypto exchange Coinbase, and Seven Seven Six has invested in Ethereum-based NFT game Axie Infinity, among other industry ventures. With over $3.7 billion in NFT trading volume to date, Axie Infinity is now the most popular crypto game.

Twitter is developing its own decentralized social media protocol, Blue Sky, which was revealed in 2019 by creator and recently-departed CEO Jack Dorsey. Meanwhile, Facebook is making a strong push into the metaverse, though some crypto developers are wary about the company’s potential position in an open, interoperable internet future.

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Business

Decentralized travel website Dtravel facilitates crypto booking for over 250K destinations.

Renters will now be able to book about 250K destinations across the company’s network thanks to the decentralized home-sharing platform’s acceptance of cryptocurrency payments. 

Customers can now make cryptocurrency payments on Dtravel, a blockchain-based travel service. Customers will also be able to book 250,000 residences across 20,000 destinations using TRVL, the company’s native token.

Binance-backed Travala.com, a centralized booking outlet that allows users to book rooms and flights using the crypto token AVA, is supporting the decentralized home-sharing site.

Customers can now make payments using Dtravel’s freshly created TRVL cryptocurrency token, according to the company. Customers that use TRVL will also receive additional incentives such as travel rewards and involvement in governance. The platform also mentioned that they will continue to expand their service portfolio by adding new destinations.

The token launch drew 60,000 people from various cryptocurrency platforms, and the token was then listed on the Bybit, MEXC Global, and Gate exchanges.

Dtravel is basically a Decentralized Autonomous Platform (DAO) that allows TRVL token owners to participate in the company’s key decision-making processes. The platform is led by Expedia and Airbnb executives who got tokens in exchange for their investments in the business.

“At this early stage of the project, providing the Dtravel community with a wider choice of housing options is vital to ensuring that the community grows globally, not only in tourist hotspots.” The speed with which we’ve been able to grow the number of homes on Dtravel will be critical in speeding up the home-sharing economy’s transition from Web 2.0 to Web 3.0, which enables both hosts and guests to shape the platform through ownership and governance,” says Cynthia Huang of Genesys Partners, Dtravel’s initial development team.

The TRVL token was recently launched on Kucoin and is also accessible on PancakeSwap on Binance Smart Chain. Customers can also use the AnySwap cross-chain bridge to switch between the BEP 20 TRVL and the E20 TRVL tokens in real time.

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Business

Ray Dalio sees ‘Merit’ in Bitcoin and also as a ‘Gold Alternative for the Younger Generation.’


In a recent interview with MarketWatch, Ray Dalio, the Billionaire Hedge Fund Manager and Creator of Bridgewater Associates, stated that Bitcoin has “some validity.”

I’m not an expert on Bitcoin but I believe it has some appeal as a minor part of a portfolio.” Dailo said

Dalio previously stated that he owns some Bitcoin in May of this year.

“It has been an amazing accomplishment for Bitcoin to have achieved what it has done, from writing that program, not being hacked, having it work and having it adopted the way it has been,” he added. 


He also echoed a popular Bitcoiners talking point:

“It’s almost a younger generation’s alternative to gold and it has no intrinsic value, but it has imputed value and it, therefore, has some merit,”

According to a CNBC Millionaire Survey, millennial millionaires intend to increase their Bitcoin holdings in 2022. According to the report, 83 percent of millennial millionaires own cryptocurrencies, with more than half of those polled having at least half of their wealth in crypto. Just under half of the respondents (48%) intend to increase their crypto holdings in the new year, while 39% intend to maintain their present levels of crypto assets.


“This is a big difference between different generations of wealth,” said George Walper, president of Spectrem Group which conducted the survey with CNBC. He added that this generational shift presents a challenge to wealth managers around the world.

“I’m not convinced the wealth management sector understands that these are two completely distinct generations.” The majority of businesses hoped to avoid it. “However, millennial millionaires are unlikely to ‘grow out’ of cryptocurrency,” he continued.


According to CoinMarketCap’s Q1 2020 report on cryptocurrency adoption, African Millenials are also catching up fast. The report shows that 91.47% of youth own crypto assets with Nigeria taking the lead with 210.6% young crypto users. 

Dalio, like the majority of young billionaires, is bullish on Bitcoin’s future, but he also sees its disadvantages. During his interview with Market Watch, he said that if Bitcoin became a danger to governments, it would “probably” be prohibited in some areas, a possibility he mentioned in May when he revealed that he had Bitcoin in his portfolio.