As the Bitcoin correction deepens, the fear, uncertainty, and doubt has returned, with billionaire hedge fund manager Ray Dalio adding a whole bunch more of it.
In an interview with Yahoo Finance’s editor-in-chief on March 24, the founder of the $150 billion hedge fund Bridgewater Associates stated that there is a “good probability” that the U.S. government could ban Bitcoin just as it did with gold ownership in the 1930s.
That happened because government leaders at the time did not want gold to compete with fiat money and credit as a store of wealth, Dalio added.
“They don’t want other monies to be operating or competing because things can get out of control. So I think that it would be very likely that you will have it, under a certain set of circumstances, outlawed the way gold was outlawed.”
Fidelity Investments, the $4.9 trillion asset manager, has filed paperwork with the United States Securities and Exchange Commission, or SEC, to list a new Bitcoin (BTC) exchange-traded fund.
The Wise Origin Bitcoin Trust was filed with the SEC on Wednesday, according to a Form S-1 Registration Statement that appeared on the regulator’s website. The ETF aims to track the digital currency’s daily performance using the Fidelity Bitcoin Index PR, an index that’s derived from several price feeds.
From the prospectus:
“The Trust provides direct exposure to bitcoin, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index.”
The fund is incorporated in Delaware, with Fidelity Digital Asset Services listed as the custodian.
Tether (USDT), the world’s most liquid stablecoin, surpassed $40 billion in market capitalization on Wednesday, highlighting the rapid growth of cryptocurrency investing over the past year.
At its highest point Wednesday, Tether’s market cap reached $40.1 billion, according to CoinGecko, making it the fourth-largest digital asset behind Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
In terms of stablecoin rankings, Tether is four times larger than the USD Coin (USDC), which has a market cap of around $10 billion. USDT dominance is currently around 67%, according to Messari.
This Daily Dose was brought to you by Cointelegraph.