Ray Dalio says it again.
"Cash is trash."
South Korean police move to freeze assets from the Luna Foundation Guard.
Crypto was given a seat both inside and outside the World Economic Forum.
My name is Ben.
This is your nightly crypto news wrap-up.
Let's get it!
Andrew Ross Sorkin interviewed Ray Dalio at the World Economic Forum,
where he reaffirmed his position that cash is trash.
Dalio is the founder of Bridgewater Associates
that went from $5 million in investments to $130 billion.
During the interview, Dalio said that everyone is long on everything,
and everything can't just continue to go up.
He still believes cash is trash and equities are trashier.
He talked about how the Fed, foreigners and the US government are selling.
There was so much money printed at a cheap rate,
and ultimately, the supply and demand problem is going to cause a squeeze.
Sorkin is a notorious crypto bear on CNBC.
He's the first one to point out the terrible impact Bitcoin mining has had on the environment.
Although he does admit his kids use Ethereum.
He asked for Dalio's opinion on the monetary policy
and whether he thinks the Fed can reduce demand without breaking the economy.
Dalio said he believes no.
They can't raise interest rates high enough to provide a real return to investors
and that we're in a paradigm shift.
After a 40-year bull market on cash and bonds,
it'd be time to make a change.
Investors have to find a way to diversify and be short on trash.
South Korean police authorities want to freeze assets
associated with the Luna Foundation Guard.
The country's national broadcaster announced
that multiple exchanges will block the LFG from withdrawing their funds
even though they're not legally required to do so.
Whether they will freeze the assets or not remains to be seen,
but police are trying to investigate whether there were embezzled funds within the trust.
Following the implosion of USDT and LUNA,
many investors have already sued Do Kwon.
Korean legislators are also meeting with the five biggest South Korean crypto exchanges next week,
Upbit, Bithumb, Coinone, Korbit and Gopax,
to find out if they should also be liable.
Famous for trash talking and hyping his own projects,
taunting Terra network naysayers on Twitter by calling them poor
and saying there's entertainment in watching crypto projects fail,
I can't help but wonder if Do Kwon is finding entertainment
in watching what has happened to Terraform Labs.
To check out what the rest of crypto prices are doing,
let's head on over to Frankie Candles for a market watch.
Thanks, Ben!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $29,681.
Up almost 2% for the day
Ethereum coming in at $1,979
Up just a little bit for the day
Let's go ahead and check our top movers.
We've got Kava up 12.5% on the day.
We got Ethereum Classic up about 12% on the day.
Tezos up 11% for the day
Aave up 8%
And Celo up 6%
Guys, I've been saying this on my channel a lot.
It feels like this relief pump is in the room with us.
We just don't know it.
We do have a lot of blood diamonds printing on the higher hourly timeframes,
which does make me think we could come down a little bit lower before bouncing.
But there's really no telling at this point.
I do think the relief is right around the corner.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
More out of the World Economic Forum in Davos, Switzerland,
many are noticing that crypto is taking a prominent role in the annual meeting.
Bitcoin pizza stalls were set up amid blockchain pavilions.
People heard discussions about owning Cardano, Bitcoin, Ethereum and other cryptos.
When WEF attendees got off planes in Zurich,
they were met with signs advertising USDC, stablecoin issued by Circle.
Inside the WEF, important players in crypto were invited to discuss digital currencies,
including Circle Pay's chairman and CEO Jeremy Allaire
and Ripple CEO Brad Garlinghouse.
The two discussed remittances and digital money in the WEF Media Village
in a panel titled "Remittances for Recovery: A New Era of Digital Money."
The forum discussed broader issues of the future of the global company
and the role central bank digital currencies might play.
Five years ago,
the only company on the WEF Promenade was Global Blockchain Business Council.
Now, crypto has an official presence,
with crypto advertisements and banners on the Promenade,
key players in crypto discussing its future,
senators discussing stablecoin regulation,
PayPal CEO Dan Schulman and Nasdaq CEO Adena Friedman
talking about crypto's role in the future of the US economy.
Not to mention the 12-year anniversary of two pizzas being bought for 10,000 BTC
was celebrated with a free pizza stand.
And who knows?
Maybe even the purchaser of those pizzas, Laszlo, is up there wiping up all the free pizza
trying to recoup those losses.
Cash is trash.
Luna Foundation Guard's assets go from LFG to LF Uh-Oh.
It's a big day for economic and crypto news.
Be sure to smash that like button and subscribe to the channel
to get the latest crypto news.
That's all I got.
Be blessed.
BitBoy out.