Sign Up on MEXC
Billionaire investor Ray Dalio, the chief of the world’s largest hedge fund Bridgewater Associates has flipped his stand on Bitcoin and digital currencies. In his recent ask-me-anything (AMA) session on Reddit, Mr. Dalio said that he thinks Bitcoin has been successful in establishing itself as a successful gold alternative over the last decade.
He goes on to add that Bitcoin can serve as a ‘gold diversifier’ and a ‘storehold of wealth’ in the future. The billionaire investor notes:
“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) storeholds of wealth. 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”.
However, he also states that it is crucial to diversify one’s portfolio and that “not enough people do that”. Dalio’s latest comments are a bit contrasting to his own statements a month ago. Back then, he said that he remains a bit critical about Bitcoin and that he thinks that BTC is not a great medium of exchange nor a good store of value.
Dalio then stated that the extremely volatile nature of Bitcoin makes it of no good use for merchants and even as a “store-hold of wealth”. Besides, Dalio also mentioned that if Bitcoin were to threaten government currencies in the future, then the government will completely “outlaw” it making it “too dangerous to use”.
However, unlike other adamant Bitcoin critics (read Peter Schiff), Dalio remains open to other’s views on Bitcoin. “I might be missing something about Bitcoin so I’d love to be corrected,” he said.
Dalio’s comments come just at a time when institutions have been pouring massive funds in crypto over the last few weeks. The institutional inflow in crypto funds continues to hit new highs with MicroStrategy planning to invest an additional $400 million in Bitcoin (BTC) by selling debt securities.
- Breaking: Michael Saylor’s Strategy Adds 1,955 Bitcoin Amid S&P 500 Snub; MSTR Stock Falls
- XRP and Solana Eye Breakout Amid Institutions Buying, Call Options
- Pi Network Mod Flags Scammer Wallet Linked to Multiple Token Thefts
- Crypto Market Turns Bullish as Standard Chartered Predicts 50bps Fed Rate Cut Next Week
- US SEC Delays Canary HBAR and Grayscale Polkadot ETF, Here’s Why
- Dogecoin Price Forecast: Analyst Targets $2 as DOGE Leads Altcoin Market Amid ETF Optimism
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
