The CFO of the world’s largest hedge fund is joining crypto firm NYDIG

The exchange rates and logos of bitcoin, ether, litecoin, and monero are seen on the display of a cryptocurrency ATM of blockchain payment service provider Bity at the House of Satochi bitcoin and blockchain shop in Zurich, Switzerland, March 4, 2021.

John Dalby, CFO of Bridgewater Associates, is joining NYDIG, according to a statement Friday.

At NYDIG, a provider of investment and technology solutions for bitcoin, Dalby will serve as CFO.

Bridgewater told Bloomberg that Dalby will stay until the second quarter.

Dalby is the latest high-profile executive move in the cryptocurrency space.

Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission, also known in the industry as “crypto dad,” joined BlockFi, a cryptocurrency financial services company, in April.

Brian Brooks, a former Coinbase executive who previously was the Acting Comptroller of the Currency under the Trump administration, took the helm as Binance US CEO in May. Brooks was dubbed as the “first fintech Comptroller” and “CryptoComptroller.”

Prior to joining Bridgewater, Dalby was CFO and COO at D.E. Shaw Renewables Investments. Before that, he enjoyed a 20-year career at UBS where he held the role of CFO at UBS Americas.

The appointment of Dalby comes during a period of rapid growth for NYDIG.

“The growth of NYDIG has been incredible,” he said in a statement. “I share NYDIG’s vision for Bitcoin’s ability to propel economic empowerment for all.”

The firm recently raised more than $300 million from a group of strategic partners including Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Liberty Mutual, Starr Companies, and FIS.

Earlier in May, NYDIG teamed up with fintech company Fidelity National Information Services to enable banks across the US to offer the cryptocurrency in coming months, CNBC first reported.

Banks are requesting bitcoin because they are seeing customers sending money to cryptocurrency exchanges such as Coinbase, according to Yan Zhao, president of NYDIG.

The rally in cryptocurrencies soared in 2021 – with bitcoin rising 95% year to date, ether up 380%, and dogecoin surging 13,000%.

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Bridgewater founder Ray Dalio says the US is on the ‘brink of a terrible civil war’ because of wealth gaps and political partisanship

Ray Dalio
Ray Dalio.

  • Bridgewater Associates founder Ray Dalio tweeted Sunday that the US could fall into a “terrible” civil war if its political and economic challenges aren’t addressed.
  • “Our country is still in a terrible financial state and terribly divided,” he wrote.
  • He called on Democrats and Republicans to work together to address the wealth gap, government debt, and political partisanship. 
  • Visit Business Insider’s homepage for more stories.

Bridgewater Associates founder Ray Dalio said on Sunday he believes the United States could devolve into a “terrible civil war” if political, economic, and social divisions aren’t addressed.

“I believe we are on the brink of a terrible civil war,” the hedge fund billionaire wrote in a series of Twitter posts.

“We are at an inflection point between entering a type of hell of fighting or pulling back to work together for peace and prosperity,” he said. “Our country is still in a terrible financial state and terribly divided.”

Dalio’s stark assessment comes as the US faces enormous challenges, including the pandemic-induced economic crisis, income inequality, deep political divides, and massive government debt. It also comes weeks after a mob of supporters of former President Donald Trump stormed the US Capitol, fueled by baseless allegations of voter fraud in the presidential election. Five people died in the violence, and dozens of rioters have been arrested.

Read more: Hedge fund billionaire Ray Dalio warns that political and wealth gaps in the US could lead to conflict – and even ‘a form of civil war’

Dalio had praise for newly sworn-in President Joe Biden, saying he was “thrilled to hear what President Biden said at his inauguration. It is consistent with the direction history has shown the country needs to move in.”

During his inaugural address, Biden called for unity among Americans and said “democracy had prevailed” after the unprecedented attempt to reverse the results of the presidential election and the storming of the Capitol. 

This was not the first time Dalio has warned that the US could fall into a kind of civil war if political and wealth gaps aren’t addressed. 

He has often warned that a lack of opportunity, income divides, and under-investment in education could cause irreversible damage. 

“I’ve studied the last 500 years of history and cycles: large wealth gaps with large values gaps at the same time that there’s a lot of debt and there’s an economic downturn produces conflict and vulnerability,” he told CNN’s Poppy Harlow in an interview aired last month.

Dalio also likened the recent exodus of CEOs and companies from business hubs like New York and San Francisco to Florida and Texas as a sort of “civil war.” 

“We’re seeing a form of civil war: people are leaving to go from one place to another, partially for taxes, but also partially for other reasons,” he said in December. “The worst alternative is that one side or another says, ‘This isn’t my country anymore. This isn’t my population.'”

On Sunday, Dalio said both Democrats and Republicans need to bring about change.

“Good words and spirit aren’t enough,” he wrote. “People will have to agree on both how to grow the pie and how to divide it well. That will require revolutionary change.”

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Billionaire Ray Dalio reviewed Bitcoin, praised China, and explained his thoughts on the outlook for financial markets in a Reddit session. Here are his 10 best quotes.

ray dalio
  • Investor Ray Dalio hosted a plain-spoken Reddit session on Tuesday at which users had the chance to ask him anything from his outlook for financial markets, to the potential of Bitcoin.
  • The billionaire also discussed China’s leadership, emphasized the importance of diversification in a portfolio, and how a “flood of money” is lifting asset prices.
  • Here are the 10 best quotes from Dalio’s “Ask Me Anything” session.
  • Visit Business Insider’s homepage for more stories.

Hedge-fund manager Ray Dalio hosted a Reddit “Ask Me Anything” session on December 8. In response to Redditors’ questions on what he expects for financial markets, he explained why a “flood of money and credit” that’s unlikely to recede will lift asset prices.

The self-made billionaire also touched upon his thoughts on Bitcoin, why he admires China’s leadership, his concerns over the US economy, and the future of jobs.

Dalio, founder of the world’s largest hedge fund Bridgewater Associates, has a net worth of $15.5 billion, according to the Bloomberg Billionaires Index

Here are Dalio’s 10 best quotes from the Reddit session:

1. “I think that Bitcoin (and some other digital currencies) have, over the last ten years, established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) store holds of wealth.”

2. “As far Bitcoin relative to gold, I have a strong preference for holding those things which central banks are going to want to hold and exchange value in when they are trying to transact.”

3. “The Chinese leadership is extremely knowledgeable in the lessons of its history and how things work. What I would convey to you and my fellow Americans is that they have a lot of internal disagreement and processes for dealing with it well within the government, so it does exist. Whether or not it is more productive to have the entire population in those discussions is a matter of opinion.”

4. “It is a very civilized society that is doing extraordinarily well and is not consistent with the stereotypes that one might believe are true. It is by no means perfect (nor is any other country) and should be open-mindedly assessed based on evidence, rather than emotionally reacted against based on derogatory characterizations.” – on what people that ignore China are missing.

Read More: A Lazard fund manager overseeing $2 billion lays out the 6 world-changing trends shaping his latest fund – and explains how he plans to capitalize on each

5.  “We are in a flood of money and credit that is lifting most asset prices and distributing wealth in a way that the system that we’ve come to believe is normal is unable to, and that is threatening to the value of our money and credit.”

6. “It is important to diversify well in terms of currencies and countries, as well as asset classes. Internally, this is taking place in a politically and socially threatening environment, which will affect taxes, spending, and how we are with each other. Externally, there will be greater competition, particularly by China.”

7. “I think that between now and the mid-term elections in 2022, and between then and the next presidential election in 2024, we will face critical choices both domestically and internationally that will define the likelihood of having an internal and/or external existential conflict.” – on the evolution of US leadership.

Read More: The equities chief at $1.4 trillion Franklin Templeton says stocks are ‘priced for perfection’ – but investors still shouldn’t wait to get in. He tells us 9 ways they can get the market-beating returns.

8. “I worry that we are our own worst enemies and/or that we collectively aren’t willing to make the revolutionary changes that are needed to be on the best path for dealing with our circumstances. However, it is certainly possible that we can get on that path.” – on the superpower status of the United States.

9. “My fear, which is turning into a reality, is those countries that are working the hardest are also increasingly finding ways to work the smartest, which is hurting the competitiveness of those who are working less hours and less efficiently.” – on the future of jobs and workplace culture.

10. “What is most important is inventiveness – the capacity to get much more out of an hour’s work.”

Read More: Morgan Stanley’s consumer analysts share 13 high-conviction global stocks to buy to capitalize on the continuing economic recovery

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