Billionaire Ray Dalio likes Bitcoin but would choose gold every time
The recently reported $50 billion cryptocurrency-related market cap of Bitcoin has drawn the attention of the billionaire investor Ray Dalio, who predicts that this is only the beginning of the cryptocurrency revolution. In an interview with business leaders at the annual Sohn Investment Conference, Dalio said that his firm’s hedge funds are heavily invested in the cryptocurrency market and he predicts that the value of Bitcoin will reach at least $100,000 by the end of this year.
Ray Dalio is the billionaire founder of the world’s largest hedge fund, Bridgewater Associates. He has been an outspoken supporter of cryptocurrencies for years, and he was the first person to file a public hedge fund report for a cryptocurrency. In a recent interview with CNBC, he said: “I’m not a big fan of Bitcoin. I think that’s a terrible currency. It’s terrible money. But I’m fascinated by blockchain technology. And I think blockchain technology has the potential to be more important than the internet. So I’m very interested in it.”
In a recent interview with CNBC, the noted investor Ray Dalio was asked to pick between buying Bitcoin or gold. His answer: “Well, I’m long bitcoin. I think it’s interesting. I think it’s going to happen. I think it’s useful in terms of settlement as well as being a store of value, and I don’t know if it will go to a trillion dollars or not, I think it’s a fairly small part of the world’s money supply. I think it’s a good store of value, and I think it will emerge and it’s going to do some good things.”. Read more about ray dalio on gold 2021 and let us know what you think.
Ray Dalio, a hedge fund manager, says he’s still optimistic about Bitcoin, but prefers gold.
On August 4, the billionaire investor confessed to holding a “very tiny quantity” of Bitcoin but stated that if he had to pick between the two, he would prefer gold.
“If you held a pistol to my head and said, ‘I can only have one,’ I’d say no. “I’d go for gold.”
However, he went on to say that he views Bitcoin as digital gold and that it is still a good method to diversify. “There are some assets you want to hold to diversify your portfolio, and Bitcoin is like digital gold,” he said.
Dalio has been a long-term gold bull, investing more than $400 million in gold in the second quarter of last year via his Bridgewater hedge fund. He stated in 2019 that adding gold to a portfolio may help balance it since it is both risk-reducing and return-enhancing.
Dalio likes it because of its store of value characteristics, which he sees as a natural inflation hedge. Central banks now possess more than 35,000 metric tons of gold, accounting for about a quarter of all gold ever produced.
Dalio has already cautioned about the possibility of crypto asset regulation and possibly a prohibition in the United States, similar to what happened with gold ownership in the 1930s. Bitcoin, in Dalio’s opinion, has a “reasonable probability” of being banned by the federal government.
“By and large, I don’t really know if Bitcoin is going to go up or down,” he says, adding that he still wants Bitcoin in his portfolio for diversity. I could make a case for both sides.”
During an interview at the Consensus crypto conference in May, he said that he would prefer to buy BTC over bonds.
Related: Ray Dalio flips on Bitcoin and deems it a “wonderful innovation”
Gold is now selling at $1,810 per ounce, down 4.4 percent since the beginning of the year. Bitcoin, on the other hand, is up 36% in the same time frame, trading at $39,360, according to CoinGecko.
Marc Andreessen, a venture investor, is another billionaire who has recently shown interest in Bitcoin. BTC was described as “one of the most beautiful things I’ve ever seen” and a “fundamental technical breakthrough” by Andreessen Horowitz’s co-founder in a new interview with Bloomberg on Tuesday.
However, according to the article, he was more enthused about the decentralized structure on which it is based. “Many of the brightest individuals in computer science are moving into this area,” he said, adding that it offered “a new type of financial system” in which people may “establish trust connections in an untrustworthy environment.”
Ray Dalio, founder of the hedge fund Bridgewater Associates, is known for his investment decisions. In this case, he has made a fortune betting against bitcoin, something he’s done in the past. But now, he says the digital currency is better than gold.. Read more about ray dalio net worth and let us know what you think.
This article broadly covered the following related topics: