TL:DR Breakdown:
- Ray Dalio has reviewed Bitcoin and other cryptocurrencies as alternative assets to Gold.
- The hedge fund manager once referred to them as bubbles and a poor store of wealth.
Many digital currencies faced some level of criticism from the public, especially Bitcoin (BTC), during the early years. In most cases, Bitcoin was referred to as a “bubble” that will soon burst, leaving the investors scratching their heads. Ten years later and counting, the cryptocurrency is still up, trading close to $19,000 at the time of writing. Many people who once called Bitcoin a bubble had reviewed their stance on the cryptocurrency, one of which includes the CEO of MicroStrategy.
Today, the chairman of Bridgewater Associates, Ray Dalio, has moderated his previous stance on the largest cryptocurrency, although he wouldn’t invest in money in it.
Ray Dalio reviews his stance on Bitcoin
About three years ago, the billionaire hedge fund manager likened Bitcoin to a bubble during an interview with the CNBC SQUAWK. In response to Stanley Druckenmiller’s opinion that Bitcoin is a better asset than Gold, Ray Dalio said that the cryptocurrency is not a “good store of wealth,” because it’s highly volatile. He also argued that cryptocurrency isn’t a good medium of exchange.
In his latest AMA session on Reddit, the billionaire somewhat moderated his stance on the cryptocurrency, saying that Bitcoin and other cryptocurrencies have grown thus far to become an interesting alternative asset to the yellow metal. He also likened digital currency to a mobile store of wealth.
Will Ray invest in Bitcoin?
Despite the soft comment on Bitcoin, the Bridgewater Associates chairman may not be holding the cryptocurrency soon. According to him, he still possesses a strong preference for Gold, as central banks will be willing to hold and transact with Gold than Bitcoin.
