Hello and welcome to another week’s edition of Overbit’s Weekly Round Up. In this week’s edition, we’re going to kick off by covering a bit of a bearish prediction by the famous investor Ray Dalio. Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, had stated that there is a “high chance” that bitcoin will be outlawed, similar to when the United States government banned marijuana.
According to Dalio’s forthcoming book “The Changing World Order,” the Gold Reserve Act of 1934 made individual ownership of gold illegal “because government officials didn’t want gold to compete with money and credit as a store of wealth.”
Ray Dalio predicts a similar could happen with Bitcoin, which has risen in value against a backdrop of high debt, low-interest rates, plenty of liquidity and stimulus, and investors looking for alternatives to bonds and currencies.
Currently, most governments are taking a non-confrontational approach towards Bitcoin. Still, suppose world governments start enacting a more aggressive policy. In that case, we could see Bitcoin enter into a massive bear market, and wise investors would be keen to pay attention as regulations adopt worldwide.
To close out today’s edition of Overbit Weekly Round Up, we pivot towards one of the oldest and most memorable names in the space - Blockchain.com.
Blockchain.com is one of the world’s largest and longest-running companies in the entire space, dating back to 2012. Since that time, Blockchain.com claims to be responsible for more than 25% of all Bitcoin transactions, making them an enormously significant player in the space. Recent reports seem to indicate that Blockchain.com intends to expand even further going forward.
In a “mega fundraising” round, as reported by CNBC, Blockchain.com secured more than $300 million in funding that values the company at $5.2 billion, with the round led by DST Global, Lightspeed Ventures Partners and YV Capital. If this seems like a large round, it seems even more significant in magnitude when you realize Blockchain.com raised nearly half that round just one month before - raising $120 million at a $3 billion valuation.
Going forward, Blockchain.com will undoubtedly be a name to watch in the coming months and years. The company has demonstrated longevity in the coming years. It seems intent on using massive injections of capital to expand its business, which currently includes blockchain explorers, cryptocurrency wallets, and, most recently, trading and exchange-oriented services.
As always, thanks for reading Overbit Weekly Round Up, and don’t forget to check out Overbit.com for all your trading-related news.