According to a recent interview on CNBC’s Squawk, Ray Dalio, the founder of Bridgewater Associates, made a bold statement about Bitcoin. He said that the digital asset “has no relation to anything” and is simply a “tiny thing that gets disproportionate attention.”
Dalio also pointed out that the value of Bitcoin, which currently stands at less than one-third of Microsoft stock, is not an effective store of wealth.
He added that the world is facing a crisis of money, as everyone knows it, and there is a need for a solution. Dalio thinks that fiat is in trouble, but Bitcoin and stablecoins are not the answer.
The crypto community took to Twitter to voice their opinions, with some disagreeing with Dalio’s assessment of the world’s largest cryptocurrency.
One Twitter user wrote:
Bitcoin is the solution to the monetary problem Ray Dalio is looking for. Censorship-resistant, open, neutral, finite, and not controlled by anyone. Anything new will be controlled by some entity and subject to manipulation.
Another Twitter user was influenced by Dalio’s insight into the history of money, calling it an “orange pill.” They believe that the interview demonstrates that the billionaire is close to fully understanding BTC.
However, the ongoing discussion about the value and usefulness of BTC highlights the divided opinions in the financial world. While some see it as a revolutionary tool that can change the financial landscape, others view it as a speculative investment with no real substance.
Regardless of one’s stance, it’s clear that the debate over the role of BTC in the financial world is far from over. As more investors and experts continue to weigh in on the issue, the future of this digital asset remains uncertain.
Dalio’s Fluctuating Views on Bitcoin
Dalio’s opinions on Bitcoin have been inconsistent over the years. In 2021, he went from describing it as an “impressive invention” to speaking about a potential ban on Bitcoin in the US and choosing gold over it.
However, in 2022, he recommended a 1% to 2% allocation of Bitcoin in investor portfolios, praising its resilience against hacks and lack of competition in the market.
Despite Dalio’s doubts, the crypto community remains optimistic about Bitcoin’s potential as a solution to the issues with fiat currency. As the debate continues, it will be interesting to see if Dalio’s views on Bitcoin continue to evolve.
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