Tag: Crypto Portfolio

Bhutan Sovereign Investment Fund Invests Millions in Crypto

by Blockchain News

The Kingdom of Bhutan’s sovereign investment arm, Druk Holding and Investments (DHI), has quietly built up a crypto portfolio worth millions of dollars without disclosing it to the public. DHI is a commercial arm of the royal government of Bhutan and is estimated to manage around $2.9 billion in assets.

According to a report released by Forbes, DHI’s crypto investments were brought to light following the crypto contagion in 2022 when companies like Celsius and BlockFi filed for bankruptcy. A Celsius filing showed that DHI withdrew over $65 million and deposited almost $18 million in crypto.

BlockFi lawyers filed a complaint against DHI to reclaim outstanding assets, alleging that the fund defaulted on its $30 million loan in March. BlockFi claimed that DHI refused to repay the loan in full after liquidating the 1,888 Bitcoin (BTC) collateral, worth $76.5 million at the time.

DHI CEO Ujjwal Deep Dahal said in a statement to Forbes that the issue with BlockFi is confidential and highlighted that the “matter with BlockFi has been settled.” However, the exact terms of the settlement were not disclosed.

Celsius and BlockFi were two of the most prominent bankruptcy filings within the crypto space in 2022. On July 14, crypto lending platform Celsius filed for Chapter 11 reorganization, also known as a bankruptcy filing. Since then, the embattled crypto lender has been dealing with bankruptcy proceedings and is working on a restructuring plan. On Nov. 28, BlockFi also filed for bankruptcy after being affected by the infamous collapse of the FTX exchange.

Bhutan is a small landlocked country in South Asia, located in the eastern Himalayas. The country is known for its Gross National Happiness index, which measures the well-being of its citizens instead of just economic growth. Bhutan has been gradually opening up to the world in recent years, with a focus on sustainable development and environmentally friendly policies.

The news of Bhutan’s crypto investments is a reminder of the increasing interest in cryptocurrencies among governments and institutional investors. While many countries have been skeptical of cryptocurrencies and have implemented strict regulations, others have embraced them as a way to diversify their portfolios and hedge against inflation.

In recent years, countries like China, Russia, and Iran have explored the use of cryptocurrencies for international trade, while other countries like El Salvador and Ukraine have adopted Bitcoin as legal tender. The growing interest in cryptocurrencies from governments and institutional investors is expected to continue in the coming years, as the crypto market matures and becomes more mainstream.

In conclusion, Bhutan’s sovereign investment fund’s decision to invest millions in cryptocurrencies highlights the increasing interest in digital assets among governments and institutional investors. While the exact size and composition of DHI’s crypto portfolio remain undisclosed, the news is a reminder of the growing importance of cryptocurrencies in the global financial system. As the crypto market continues to evolve and mature, it is likely that more countries and institutional investors will follow Bhutan’s lead and invest in digital assets.

Source

Tagged : / / / / /

As Markets Break Down, Traders Favor Ethereum (ETH), Solana (SOL), and Two More Altcoins, According to Crypto Algorithm

by Dailyhodl

An autonomous bot that’s been outperforming the crypto market by using data from weekly surveys of traders shows strong demand for Ethereum and three other altcoins.

The Real Vision Bot was co-developed by quant analyst and hedge fund CEO Mortiz Seibert as a way to obtain signals and gauge trader sentiment from fans of the financial content platform Real Vision.

Real Vision says the bot has had an ‘astonishing’ record of outperforming the aggregated bucket of top 20 cryptos by more than 20% – simply by surveying the preferences of traders.

The latest survey results show that while leading smart contract platform Ethereum (ETH) remains popular with investors at 64% overweight compared to the bot, layer-2 scaling solution Polygon (MATIC) has climbed to the exact same level.

Just a single percentage point behind at 63% is decentralized finance protocol Terra (LUNA) in third place.

Bitcoin (BTC) fills the fourth slot with 62% of respondents voting to overweight their holdings with BTC, despite the rough ride it’s been on since hitting an all-time high back in November.

Smart contract platform and ETH alternative Solana (SOL) rounds out the top-5 crypto assets at 48%.

Interoperable blockchain ecosystem Cosmos (ATOM) was a hair behind in sixth place, followed by layer-1 smart contract platform Avalanche (AVAX) and the enterprise-grade blockchain platform Fantom (FTM).

Completing the top-10 list are cross-chain interoperability protocol Polkadot (DOT) and decentralized oracle network Chainlink (LINK).

Source: RealVisionBot/Twitter

Participants in the Real Vision Bot’s surveys don’t necessarily have to own the crypto in question in order to cast a vote for it. In an interview with Real Vision, the bot’s co-creator Moritz Seibert describes it as a “hive mind” that is able to beat other entities in the crypto ecosystem.

“This bot is really fascinating because it started as a research project, where we linked it up with a Real Vision Exchange to run paper portfolios based on weekly surveys, where what we wanted to find out is if there’s a Real Vision hive mind that can beat the markets and that can also beat the interviewees, the professionals that are interviewed on the Real Vision platform.

And so, as it turns out, there is a hive mind crypto portfolio that’s far ahead of the bot run crypto portfolio and the experts and the market.”

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shuttersock/vectorpouch/Natalia Siiatovskaia

Source

Tagged : / / / / / / / / / / / / / / / /

Two-fifths of Aussie millennials think crypto investments beat real estate

by Cointelegraph

Research has revealed that one in five Australians believe that crypto is the key to homeownership as confidence in traditional savings dwindles.

The survey, conducted by cryptocurrency exchange Kraken, found that an increasing number of young Australians are becoming disheartened by traditional investment options. Almost one quarter of those surveyed expressed concern that the value of money in traditional cash savings is decreasing.

The study found that 22% of the Australians surveyed believe investing in cryptocurrency is an easier way to save for a mortgage deposit than storing fiat in a bank account or other traditional savings methods.

Nearly 40% of Millennials — respondents born between the early 1980s and the mid-to-late-1990s — said that crypto assets are a sound alternative to buying an investment property. Further, 31% of Generation X participants — Australians born between the mid-1960s to early 1980s — also believe crypto assets are better investments than real estate, while only 24% of Generation Z respondents — those born between the late 1990s and 2010 — echoed this sentiment.

Almost half of the baby boomers surveyed — those born between the mid-1940s and mid-1960s — have not invested in crypto, citing volatility concerns.

One in five survey participants either currently own or have previously owned crypto assets, while 14% stated they currently hold an active crypto portfolio. Nearly 85% of respondents who already own crypto assets plan to buy more.

Kraken Australia Managing Director, Jonathon Miller, commented that while lagging behind the U.S. in terms of adoption, Australia is a rapidly growing market for crypto assets that is largely driven by demand from millennials:

“Australians still maintain some conservative attitudes toward investment. Property has been a cultural norm and high on the wish list for most investors, but as affordability continues to be an issue, we’re seeing more young people look for other options to grow wealth,”

He added that it is the younger Australians who are changing the dynamic and expects the broader market to come around to the idea of investing in digital assets.

“We’re confident that as more investors look to diversify their portfolios and seek investment opportunities outside of the traditional offerings we’ll see cryptocurrency come into its own in APAC.”

Miller also put an emphasis on the need for greater crypto education in Australia, and it looks like more is needed. Last month Cointelegraph reported that more than half of Australians think Elon Musk invented Bitcoin.