Ray Dalio, a well-known investor and founder at Bridgewater Associates, believes that humanity is moving into an age where money will compete for our attention. Bitcoin will be part this competition. According to the billionaire, bitcoin is also an alternative for gold.
“Bitcoin has Proven Itself”
The 72-year-old American is not always a strong advocate for the digital asset. He stated that bitcoin does not serve the purpose money, and that it is “vulnerable.”
Dalio’s views on the asset were changed by the COVID-19 pandemic, mass printing of fiat currencies and other factors. He expressed his admiration for the asset in January, and stated that its “amazing accomplishment” has been it’s longevity. A few months later, he admitted that he had only allocated a small portion of his wealth to BTC.
Dalio reiterated his support of bitcoin in a recent interview with Lex Fridman. He said that the evolution of bitcoin is what has changed his opinion over the years.
It has proved itself. It hasn’t been hacked. In fact, it has worked in an incredible way for 11 years. This makes it one of the most interesting topics among many people. It has been used, and now it is considered to have imputed value.
According to the billionaire, the large number of fiat currencies currently in circulation due to the controversial policies of certain governments will rebuild the global financial system. He said that Bitcoin would be part of the revolution because it is “alternative currency.”
BTC can also be used as an alternative to gold because it is a medium for exchange, portable and internationally recognized. The precious metal remains Dalio’s preferred investment tool.
Because of its many qualities, gold is still my favourite. For example, you can’t trace it. Gold has been a universal source of money for thousands of years.
Ray Dalio, Source: CNBC
NFTs and Dogecoin
Dalio also mentioned Dogecoins and NFTs, stating that they could one day become a form of money. Dalio stated, “You own it, it is an investment, you could say, I’d prefer to own it than bitcoin.” Dalio stated that non-fungible tokens were real but, like all development in its early stages, they require time to settle down and be perceived by society.
Bridgewater Associates founder, Michael Bridgewater, admitted that he has not yet purchased any NFTs. He also stated that he would like to buy and mint NFTs to see how they work.
Dalio then gave his opinion on Elon Musk’s idea to send Dogecoin on the Moon and make it a reserve currency on Mars. He admitted that he admires Tesla’s CEO but joked about these particular visions.
“My reaction was “That’s cute.” I have a lot to respect Elon’s ability behind it. I would take that as symbolic and ask him what the next step is.”
Featured Image Courtesy Of The Guardian
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