BIS Says Retail Investors Lost Money on Bitcoin, Biggest Hedge Fund Founder Sees CBDC as Inflation Cure

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Here are some of the most important developments from the crypto world in recent days

Whales and professional traders are the only investors who have made money from Bitcoin, and retail investors likely 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 as the price of coins and tokens began to plummet. Most of the buying took place when Bitcoin was above $30,000, said decrypts citing the BIS report.

Bitcoin is currently trading around $25,000, down 64 percent from its all-time high of $69,000.

According to the BIS, when Terra and FTX crashed, larger owners usually benefited at the expense of small investors.

Digital currency can solve inflation, says the world’s largest hedge fund founder

Bridgewater Associates founder Ray Dalio has said digital currency has the potential to solve inflation.

“Money as we know it is at risk because we’re printing too much, and it’s not just the US,” Decrypter said.

Dalio, who is also the world’s largest hedge fund founder, said the closest the market will come to his vision is an inflation-linked index bond in the form of a digital currency. “I think what would … be best is an inflation-linked coin,” he said.

Dalio ruled out Bitcoin as a solution, as it has proven too volatile. He said biotech and many other industries are “more interesting than Bitcoin”.

Aramco partners with DropGroup 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 dropGroup to explore the possibility of 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 to help Aramco’s employees. The applications running on Blockchain offer the potential for onboarding, training ecosystems, as well as a tokenized network and rewards program.

Web 3.0 technology provider dropGroup has a technology stack that includes artificial intelligence (AI), machine learning (ML), virtual reality (VR), tokenized networks and the metaverse.