Since June, a hamster by the name of Mr. Goxx has been trading bitcoins in a rigged box.
In order to decide which cryptocurrency to purchase or sell, the hamster must first go through one of two tunnels attached to a wheel.
Goxx’s crypto portfolio has returned 24% since it began trading on June 12th. Mr. Goxx, the livestreamed hamster, has been trading cryptocurrency on his own since June 12th, and his results have been spectacular so far.
Hamster Outperforms Most Humans
According to the @mrgoxx twitter account, which records daily performance and every transaction made by the hamster, the portfolio was up almost 24 percent as of Friday. Over the same time span, Mr. Goxx outperformed bitcoin and the S&P 500.
The caretaker of the hamster constructed the “Goxx Box,” a crypto-rigged office adjacent to its bigger residence that allows the hamster to carry out different workouts and exchange particular cryptocurrencies. The hamster has complete freedom to come and go from its workplace as it pleases.
It starts by using the “intention wheel” to decide amongst approximately 30 different cryptocurrencies which one it will trade in the future. One of two “decision tunnels” causes a buy or sell transaction in the selected cryptocurrency after the hamster goes through it once.
The euro equivalent of $390 was used to finance Goxx’s investment portfolio. Goxx has made 77 euros in profit thus far, according to data gathered as of Friday afternoon.
Its portfolio reached a high of almost $580 in mid-September, with a performance increase of nearly 50% in less than three months. However, the most recent crypto sell-off has reduced the hamster’s earnings since then.
China Crackdown Slows Down the Hamster, Along with Bitcoin
After China declared once again that it was banning Bitcoin, the price of bitcoin dropped by as much as 6%. According to a University of Cambridge research, the world’s most populated nation is responsible for the majority of bitcoin mining activities.
China’s relationship with cryptocurrencies and other emerging financial technology has been tense in recent years. China prohibited initial coin offers (ICOs) in 2017 following bitcoin’s rapid ascent into the financial mainstream. The country did this to avoid the economy and financial system from being seriously disrupted.
As of 2021, China’s cryptocurrency mining crackdown was much stricter, with the activity being outright banned in certain regions and severely restricted in others. During the summer, China halted all mining in Sichuan, the country’s most active mining region.
The Chinese authorities ordered a business to shut down in July after learning that it had been involved in the facilitation of transactions using digital currency.
China’s Communist Party, on the other hand, has been in the forefront of digitalization in the country’s economic system. The Digital Currency Electronic Payment (DCEP) network, operated by the country’s government, has been progressively rolled out over the last year.