At this moment, Tesla’s Elon Musk holds the title of the wealthiest individual on the planet, as reported by the Forbes Real Time Billionaires list on June 1, 2024. However, there exists a potential future where Bitcoin’s creator, Satoshi Nakamoto, could surpass Musk’s fortune. Given the current value of BTC, the price would need to […]
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Crypto Wealth Bolsters Real Estate Markets and Consumer Spending, Study Finds
As cryptocurrency becomes a significant part of American investment portfolios, its influence extends beyond digital transactions into tangible impacts on real estate markets and household spending, a recent study finds. Report Shows Cryptocurrency Wealth Adds ‘Meaningful Implications for the Real Economy’ The study, first reported on by Bloomberg, analyzes bank and credit card data from […]
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Messari CEO Criticizes US President’s Crypto Stance, Foresees ‘Mass Wealth Confiscation’ if Biden Gets Reelected
Recently, Messari’s founder and CEO, Ryan Selkis, has expressed strong opinions about the potential impact of a Joe Biden reelection on the cryptocurrency industry in the United States. On Thursday, Selkis voiced his concerns on the social media platform X, stating that a “second Biden term will lead to mass wealth confiscation and crypto seizures.” […]
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Goldman Sachs Wealth Management CIO: Crypto Is Not an Investment Asset Class
The chief investment officer of Goldman Sachs’ Wealth Management unit does not see cryptocurrency as an investment asset class. She also believes that bitcoin “creates absolutely no value in any shape or form.” Her perspective differs from that of some other Goldman Sachs executives regarding bitcoin and cryptocurrencies. ‘We Do Not Think It Is an […]
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Common Wealth Announces the Launch of the World’s First Free VC Fund
PRESS RELEASE. 8 February 2024 [Lisbon, Portugal]: Common Wealth, the powerful, all-in-one platform for early-stage Web3 investments, today announces the launch of a world-first initiative: a Free “earn-to-own” VC Fund. This launch represents a completely novel fusion of community-driven Web3 principles with the sophistication of venture capital investment. The initiative will see Common Wealth’s first […]
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Bona Fide Wealth President Defines Bitcoin as ‘Digital Gold,’ Discusses Showdown Between Crypto Natives and Traditional Finance
Douglas Boneparth, the president and founder of Bona Fide Wealth, recently articulated his perspective on bitcoin, describing it as a digital equivalent of gold or a store of value in the digital realm. In addition, Boneparth further highlighted the contrasts in approach between traditional trade finance behemoths such as Blackrock and Fidelity, and those more ingrained in the cryptocurrency world, such as Bitwise and Vaneck.
Investments That Produce Alpha — ‘These Are Things That Clients Will Always Have Some Appetite for,’ Says Boneparth
In a recent discussion, Douglas Boneparth, president and founder of Bona Fide Wealth, shed light on the emerging spot bitcoin exchange-traded funds (ETFs) and the categorization of bitcoin as an asset class. Engaging with Eric Balchunas, Bloomberg’s senior ETF analyst, on the “Bloomberg ETF IQ” show, Boneparth compared bitcoin to what he terms digital gold.
“I do view it in its most simplistic form as digital gold, as a digital store of value,” Boneparth said. “Now granted store of value and the price action of bitcoin might not go hand in hand, but also, you know, the room for alternative investments in a portfolio. I think clients are always seeking things that aren’t correlated or have the ability to produce alpha. You know, to a degree, these are things that clients will always have some appetite for.”
When queried about the volume of incoming inquiries regarding the new spot bitcoin ETF, particularly from the ‘baby boomer’ generation, the Bona Fide Wealth president noted a lack of significant inbound calls. “I definitely wanted to see a handful of people, particularly baby boomers, who had no interest in moving money to an exchange to buy cryptocurrency to get a position there,” Boneparth remarked. “I mostly work with mid to late 30-something-year-olds and we’ve been having conversations and educational conversations around cryptocurrency and bitcoin. Well before there was product offering.”
During the show, host Katie Greifeld inquired of Boneparth about his perception of the differences between native crypto companies such as Bitwise and established trade finance firms like Blackrock and Fidelity. Boneparth referenced Bitwise’s contributions to Bitcoin Core developers, suggesting that for those who are “a believer in all things blockchain and crypto,” a crypto-native fund might be more appealing. Ultimately, Boneparth concluded, it remains to be seen which will surpass the other as time progresses.
“This is something that do they have an edge over the, you know, massive shop that is a Blackrock or Fidelity and I know their crypto desks are pretty robust and they have a lot of smart people,” Boneparth told Greifeld. “They’re just the same. So we’re going to find out if it makes sense to choose a native versus one of the big players.
What do you think about the Bona Fide Wealth president’s statements? Share your thoughts and opinions about this subject in the comments section below.
2023 Crypto Wealth Surge — Satoshi Nakamoto Tops With $26B Increase, Industry Titans Follow
A recent analysis indicates that Changpeng Zhao, Binance’s former chief, experienced a near billion surge in his estimated wealth in 2023, while Coinbase’s Brian Armstrong enjoyed a .8 billion increase. Yet, topping the list was the elusive Satoshi Nakamoto, whose purported net worth rose by billion this year.
CZ and Nakamoto’s Combined Wealth Increased by Billion This Year
The flourishing crypto market has significantly enhanced the fortunes of numerous executives in the sector, including Binance’s Changpeng Zhao, also known as CZ. On Tuesday, Bloomberg reported that CZ’s fortune swelled by approximately billion throughout the year, a sum that eclipses the penalties his company incurred from various U.S. federal bodies, such as the Department of Justice (DOJ). It’s estimated that CZ’s holdings exceed billion, with the bulk of his wealth linked to his stake in Binance.
Barry Silbert, the boss of Digital Currency Group, witnessed a .5 billion uptick in his net worth, while Gemini’s Winklevoss twins saw their fortunes rise by .4 billion. Concurrently, Coinbase’s Brian Armstrong‘s assets expanded by .8 billion, and co-founder Fred Ehrsam saw a .8 billion elevation in his estimated riches in 2023. However, the most significant beneficiary this year has been the enigmatic founder of Bitcoin, Satoshi Nakamoto.
It’s estimated that Nakamoto holds 1 million bitcoins, initially mined during the currency’s inception between 2009-2010. In 2023, Nakamoto’s fortune experienced an increase of approximately billion more than that of CZ, soaring from .53 billion in December 2022 to a staggering .59 billion. This equates to a .05 billion growth in wealth over the past year. Nakamoto’s net worth now sits squarely between Nike co-founder Phil Knight and MacKenzie Scott, the former spouse of Amazon’s Jeff Bezos, according to the Forbes real-time billionaires list.
Remarkably, since accumulating this wealth, not a single penny or satoshi has been moved from Nakamoto’s collection of BTC wallets, underscoring the enduring intrigue surrounding Bitcoin’s creator, whose identity remains the financial world’s most captivating enigma.
What do you think about the fact that Nakamoto’s net wealth grew by billion this year? Share your thoughts and opinions about this subject in the comments section below.
SwissGold Crypto AG Launches Gold-Backed NFTs for Wealth Preservation
PRESS RELEASE. Zug, Switzerland – SwissGold Crypto AG, a Swiss-regulated crypto issuer, introduces a novel solution to the wealth preservation challenge in times of inflation and uncertainty: gold-backed non-fungible tokens (NFTs).
Gold’s enduring stability, in contrast to depreciating fiat currencies, has made it a trusted wealth preserver for centuries. Following the US President’s 1971 decision to abandon the gold standard, major fiat currencies have suffered substantial devaluation, with the dollar losing as much as 97% of its value against gold.
As inflation rates rise, interest in alternative assets such as gold and cryptocurrencies has surged. While cryptocurrencies are volatile, gold remains a stable and reliable refuge in times of crisis, hyperinflation, conflict, or natural disasters.
Gold used as a crisis insurance should be physically allocated, as the paper gold market, which is many times larger than available physical gold, can lead to shortages during crises.
SwissGold Crypto AG offers a secure and flexible means of gold ownership and trading by placing gold bars of all sizes on the blockchain as non-fungible tokens (NFTs). These NFTs are backed by physical gold bars and can be purchased for as low as for a 1-gram gold bar.
Notably, SwissGold NFTs come without storage fees, and token holders can redeem their NFTs for the physical gold bars they represent at any time. SwissGold NFTs also feature the corresponding gold bar’s serial number and a metaverse-compatible 3D representation for virtual display.
To acquire SwissGold NFTs, visit swissgold.io, where various cryptocurrencies and fiat currencies are accepted. The gold is stored securely in Switzerland’s high-security vaults, ensuring peace of mind.
SwissGold’s gold-backed NFTs offer a pragmatic alternative for preserving wealth in uncertain times, benefiting from Switzerland’s stable and secure economic environment.
For media inquiries, please contact:
Carole Hofmann
media@swissgold.io
About SwissGold Crypto AG:
SwissGold Crypto AG is a Swiss-regulated crypto issuer based in Zug, Switzerland’s Crypto Valley, specializing in gold-backed NFTs. SwissGold offers a secure and flexible avenue for individuals to own and trade gold in a digital format, backed by physical gold bars. For more information, visit swissgold.io.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Mexican Billionaire Advocates Bitcoin for Wealth Protection — ‘People Need to Realize They’re Being Robbed’
Mexican billionaire Ricardo Salinas sees bitcoin as a way to protect against inflation tax because the cryptocurrency cannot be debased. “People’s savings are being taken from them without their permission, without their knowledge,” he stressed, adding that “everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt.”
Ricardo Salinas on Benefits of Bitcoin
Ricardo Salinas, chairman of Grupo Salinas, discussed how bitcoin can affect an economy, particularly in Latin America, in an interview with Bitcoin Magazine, published Friday.
“All over the world, not just in Mexico or Latin America, what we’re seeing is this increasing inflation tax, which means that the people’s savings are being taken from them without their permission, without their knowledge, and it’s very sad, especially for people who depend on this for their retirement,” he began, adding:
So bitcoin is a way to protect against that because it cannot be debased.
“So the importance of bitcoin is that it’s tax resistant and many other things, but very specifically applied to hyperinflationary economies, which we have several in Latin America,” the Mexican billionaire added.
When asked about what needs to happen in Mexico for mass bitcoin adoption, Salinas replied: “The first thing that needs to happen is people need to realize that they’re being scammed, that they are being robbed by these crooks and the government.” He stressed: “That’s what they are, they’re fraudsters. They commit fraud and they stand there and say ‘how are we doing monetary policy’ and they’re just stealing people blind.”
The billionaire emphasized: “So first thing that needs to happen is people need to understand how this works so they can then defend against that but these ‘gobiernicolas,’ these government cavemen as I call them, they’re not dumb and they’re not stupid and they’re not going to give away this power they have to confiscate people’s wealth, so you gotta take it from them.”
He opined:
I think everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt.
Regarding how a bitcoin exchange-traded fund (ETF) will affect BTC, he said: “Obviously, an ETF is a new source of demand. It makes it easier for people to invest in bitcoin so that’s great. It’s what’s needed. But precisely because it’s great and what’s needed, it’s precisely because of that reason that the crooks in power don’t allow it to proceed.” He noted that the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, “knows exactly what we’re talking about.” The billionaire concluded:
He [Gensler] has very good reasons not to allow, as well as the people in the Treasury and the Fed, they all know perfectly well it’s not about protecting investors, it’s about protecting their way of financing government spending without raising taxes.
Do you agree with Mexican billionaire Ricardo Salinas? Let us know in the comments section below.
13 Crypto Exchanges Hold Over 14% of Industry’s Wealth; Binance Dominates with 42% Share of $151B in Reserves
On September 27, 2023, statistics indicate that 13 cryptocurrency exchanges possess assets under management (AUM) exceeding billion, collectively constituting 14.39% of the crypto economy’s total value of .05 trillion. Among these 13 digital currency trading platforms, Binance stands out by maintaining a 42.81% share of the 1.08 billion in cryptocurrency reserves.
A Handful of Billion-Dollar Cryptocurrency Exchanges Command 1B in Net Value
Data indicates that 13 distinct cryptocurrency exchanges collectively manage a total value of 1.08 billion, with Binance, the leading cryptocurrency trading platform in terms of global volume, maintaining .68 billion in reserves, as reported by Arkham Intelligence’s blockchain explorer.
Binance’s holdings include 21.02 billion tether (USDT) and 671,981 BTC, with a combined value of .7 billion. Additionally, Binance held assets valued at .55 billion in ETH and .21 billion in BNB on September 27.
Binance’s holdings represent 42.81% of the collective 1 billion in value held by these 13 exchanges. According to Arkham’s data, Coinbase controlled approximately .91 billion as of September 27, 2023.
The exchange holds a significant 946,618 bitcoin (BTC) worth .88 billion. Another .69 billion in value is attributed to Coinbase’s ETH holdings, and there is 0 million worth of LINK held by the San Francisco-based trading platform.
The digital currency exchange Okx manages a total of .37 billion, with billion of that consisting of tether (USDT). Okx also holds .52 billion in BTC, .16 billion in OKB, and .64 billion worth of ETH.
On September 27, Bitfinex held .70 billion AUM with 225,231 BTC worth .92 billion. The exchange also holds another .22 billion in ether. Robinhood holds .27 billion total and .19 billion of that value is in bitcoin (BTC).
Around .74 billion of Robinhood’s cache consists of ETH holdings. Robinhood also commands 1.55 million in SHIB and .70 million in LINK. Among the five aforementioned exchanges, the trading platforms collectively hold 5.93 billion of the 1 billion aggregate.
The total reserves among the top five out of 13 equate to 83.39%. There’s also Kraken, with its treasure chest of .96 billion; Bybit, boasting a hefty .51 billion; Crypto.com, guarding a cool .61 billion; Gemini, with coffers holding .11 billion; HTX, formerly known as Huobi, possessing .89 billion; Kucoin, with a substantial .89 billion; Deribit, holding .79 billion; and Upbit, with a stash of .32 billion.
The latter eight exchanges command a slice of 16.61% of the 1 billion pie held by this select cadre of exchanges.
What do you think about the 13 crypto exchanges that hold more than 14% of the crypto economy’s net worth? Share your thoughts and opinions about this subject in the comments section below.