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"Long Bitcoin, Long Gold": Mike Novogratz Reacts to Ray Dalio's Doom-Laden Post

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  • Alex Dovbnya
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    Mike Novogratz wants to buy more Bitcoin and gold after reading Ray Dalio's take on the asset bubble formed by low and negative interest rates

"Long Bitcoin, Long Gold": Mike Novogratz Reacts to Ray Dalio's Doom-Laden Post
Cover image via www.bloomberg.com
Contents

Digital Galaxy CEO Mike Novogratz reacted to the disturbing "The World Has Gone Mad and the System Is Broken" essay written by billionaire hedge fund manager Ray Dalio. The Wall Street vet says that it makes him want to buy more hard assets. 

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Ringing alarm bells

In his LinkedIn post, Dalio, the financial titan at the helm of Bridgewater Associates, claimed that the capitalist system in its current form was flawed. He is particularly at issue with low or negative interest rates. Investors who are sitting on piles of cash are willing to throw their money even at unprofitable companies. Case in point: Uber. The company's stock has tanked by more than 33 percent from its IPO price.   

Meanwhile, there are people are not able to access capital at all, which according to Dalio, could cause "a big paradigm shift." 

“This set of circumstances is unsustainable and certainly can no longer be pushed as it has been pushed since 2008. That is why I believe that the world is approaching a big paradigm shift.”  

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Gold over Bitcoin

As reported by U.Today, the global negative-yielding debt topped $17 trln, and, according to Cameron Winklevoss, it represented 17 trln reasons why somebody should own Bitcoin. Dalio's Twitter post was obviously swarmed with cryptocurrency proponents who perceived Dalio's critique as a bullish sign for the top coin.  

While Novogratz and Dalio are both huge gold proponents, the latter is yet to embrace Bitcoin, its digital version. Despite acknowledging the great idea behind it, the Bridgewater Associates head dismissed BTC as "a highly speculative market" and "a bubble" during an interview with CNBC back in September 2017. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

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This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

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As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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