Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
Billionaire Ray Dalio, the CEO of $150 billion hedge fund, has recently made it known that he still has a bullish stance on Bitcoin. In a recent interview with CNBC, Dalio maintains that fiat is still very inferior.
Ray Dalio Still big on Bitcoin and bearish on fiat
Ray Dalio reiterated his positioned on Bitcoin while speaking to CNBC’s “I think that cryptocurrencies in particular, let’s call it a digital gold. I think a digital gold [would be a Bitcoin type of thing] has a little spot relative to gold.”
He added that the economical climate is changing in such a way that the question about what new money is, will arise. He proceeded to explain why fiat will not rise with the tide, explaining that its usage for goods and services will deplete with time.
His sentiments suggest, like many other cryptocurrency proponents have pointed out in the past, that the characteristics of fiat currencies are not sustainable for the future, in the manner that cryptocurrencies are.
Excerpt of the interview reads ;
“When I say cash is trash, what I mean is that all currencies, in relationship to the Euro and in relationship to the Yen, all of those like in the 1930s, will be currencies that will go down, in relationship to goods and services.”
He predicts that moving money within countries with ease, along with currencies being a significant store of value are requirements that any surviving currency will be required to possess.
Ray Dalio has always been bullish on Bitcoin
The billionaire’s convictions on Bitcoin have dated to as far back as May of 2021. The billionaire revealed that he owned some Bitcoin and later admitted that despite owning it, the cryptocurrency was too volatile.
Back in March of 2022, Coindesk reported that the billionaire was said to have reportedly been investing a minuscule amount in a cryptocurrency fund. The case of Ray Dalio is one similar to that of many, who were previously Bitcoin skeptics, but eventually turned a Bitcoin pioneer.
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