Billionaire Ray Dalio gave one other optimistic sentiment, saying he’s impressed with crypto whereas classifying money as “the worst investment.”
In an interview with Yahoo! Finance, on December 17, the Bridgewater Associates founder said that he thinks it’s “impressive” that crypto lasted with out being hacked in the last decade.
“I think it’s impressive that for the last 10-11 years, that programming has held up. It hasn’t been hacked, and it has an adoption rate,” mentioned Dalio.
He additionally talked about that he owned some Bitcoin (BTC) and Ether (ETH), however when requested how a lot he owns, Dalio responded by saying that he does not maintain quite a lot of it: “I’m very big on diversification, and it’s a very small part of the portfolio.”
Back in 2020, Ray Dalio’s criticisms of volatility and lack of buyer protection for crypto have been the cause of alarm for many holders. He mentioned that Bitcoin is “not very good as a store-hold of wealth.” However, at the starting of 2021, the billionaire did a 180 on Bitcoin, calling the asset “one hell of an invention.”
In an essay that Dalio published back in January 2021, he clarified that both crypto advocates and antagonists are looking at the same thing from different angles. He said that he understands that Bitcoin has its pros and cons.
Related: Senate hearing on stablecoins: Compliance anxiety and Republican pushback
The billionaire fund manager proceeded to point out that he views crypto “as an alternative money in an environment where the value of cash money is depreciating in real terms.” He added that he still thinks that “cash is trash” as he said in previous interviews.
“Cash, which most investors think is the safest investment is, I think, the worst investment.”
The billionaire’s solutions present extra positivity in comparison with his earlier statements that the United States could ban Bitcoin and that he would select gold over bitcoin again in August which was dubbed by the group as FUD.
On March 25, Dalio said that it’s probably that Bitcoin could also be outlawed the approach gold was outlawed beneath some set of circumstances. He cited the gold ban in the Nineteen Thirties for example saying that this may increasingly additionally occur to Bitcoin. During these occasions, the authorities didn’t need gold to compete with fiat as a result of issues could go “uncontrolled,” Dalio mentioned.