Billionaire Ray Dalio of Bridgewater Associates, the world’s largest hedge fund says he is impressed how Bitcoin has survived to this day.
Ray Dalio, a billionaire investor and founder of Bridgewater Associates, was impressed by how Bitcoin survived the last decade. He said that he is looking to invest in cryptocurrencies because they have been around for so long.
Billionaire Ray Dalio expressed his support for crypto, calling it “the best investment” while describing currency as “the worst.”
On December 17, the founder of Bridgewater Associates told Yahoo! Finance that he believes it’s “amazing” that cryptocurrency hasn’t been hacked in the previous decade.
“I believe it’s amazing that the programming has held up for the previous 10-11 years.” It hasn’t been hacked, and it has a high rate of adoption,” Dalio remarked.
When asked how much Bitcoin (BTC) and Ether (ETH) he owns, Dalio said he doesn’t own a lot: “I’m very keen on diversity, and it’s a very minor percentage of the portfolio.”
Many crypto investors were alarmed by Ray Dalio’s accusations about volatility and a lack of buyer protection back in 2020. Bitcoin is “not very useful as a store-hold of wealth,” he said. However, in early 2021, the millionaire reversed his position on Bitcoin, calling it “one heck of an innovation.”
Dalio highlighted in a January 2021 blog that both crypto supporters and opponents are looking at the same issue from different perspectives. He said that he is aware of the benefits and drawbacks of Bitcoin.
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The billionaire fund manager went on to say that crypto is “an alternative money in an environment where the value of fiat money is deteriorating in actual terms,” and that he sees it as such. He went on to say that he still believes “cash is garbage,” as he has in past interviews.
“Cash, which most investors consider to be the safest investment, is, in my opinion, the worst.”
The billionaire’s responses are more upbeat than his prior pronouncements in August that the US may prohibit Bitcoin and that he would prefer gold over bitcoin, which were called “FUD” by the community.
On March 25, Dalio claimed that Bitcoin is likely to be prohibited in the same manner that gold was forbidden in specific cases. He used the 1930s gold prohibition as an example, claiming that the same thing may happen to Bitcoin. The government didn’t want gold to compete with fiat at such times because things may get “out of hand,” according to Dalio.
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Billionaire Ray Dalio, the founder of Bridgewater Associates, is “impressed” how Bitcoin survived the last decade. He said that he thinks that Bitcoin is a “very interesting development.” Reference: what i really think of bitcoin ray dalio.
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