Milliarch Ray Dalio says that Bitcoin is not effective money, value preservatives or mediators - featured
Milliarch Ray Dalio says that Bitcoin is not effective money, value preservatives or mediators - featured
The billionaire Ray Dalio, the founder of the world's largest hedge fund Bridgewater Associates, says that it is "amazing" what Bitcoin has achieved, but believes that cryptocurrency will not be effective money, no value preservatives or exchange. Nevertheless, he emphasized that "we are in a world in which the money as we know it is in danger".
billionaire Ray Dalio about Bitcoin
The billion dollar investor and hedge fund manager Ray Dalio, who founded the world's largest hedge fund, bridge-wit associates, and previously served as a co-chief investment, in an interview with CNBC on Thursday Bitcoin expressed. Regarding the world's largest cryptocurrency, he said:
I think it was pretty amazing that it was completed for 12 years ... but I think it has nothing to do with anything ... it is a tiny thing that gets disproportionate attention.
dalio found that the overall market value of Bitcoin is less than a third of the Microsoft share, whose market capitalization was $ 1.92 trillion on Friday, Dalio claimed: "Biotech and many other industries are more interesting than Bitcoin." The billionaire said:
It will not be effective money. It is not an effective wealth memory. It is not an effective exchange.
"But we are in a world in which the money as we know it is in danger ... We print too much, and it is not just the United States, but all reserve currencies," he continued and mentioned the problems with the euro and the Japanese yen in particular. "So the question arises in this world: what is money and how will it work?
The founder of Bridgewater Associates emphasized: "If you want a digital currency, you have to do something different" than Bitcoin. However, he noticed: "I don't think the stable coins are good because they get a Fiat currency again." He added:
The best thing would be an inflation -bound coin. In other words, something in which they would basically say, okay, that will give me purchasing power because everyone wants to. What do you want? You want to secure your purchasing power.
"The closest to the inflation index bond and so on," said Dalio. "But if you have created one coin that says, okay, it is purchasing power that I know that I could save and put my money over a certain period of time, and then I can do business everywhere, I think that would be good," he continued. "So I think that you will probably see the development of coins that you have not seen and who are likely to be attractive, usable coins. I don't think it's Bitcoin."
Many people do not agree to Ray Dalio
After Dalios interview, many people went to Twitter so as not to agree. Some people noticed that Dalio only described Bitcoin, while others pointed out that Bitcoin had been as "_ blank" href = "https://news.bitcoin.com/satoshi-nakamotos-bito--bito---white-paperns-14-today/" Rel = "noopener"> 14 for a long time. Years not 12, as the Bridgewater founder said.
"An 'inflation-bound currency' is nonsense," commented Bitcoin advocate Robert Breedlove. "Lesson for Ray Dalio: The purchasing power of the money is preserved by the integrity of its offer. Bitcoin has a completely integral money supply of 21 million. In the long term, Bitcoin is the perfect money to receive purchasing power over time."
Gabor Gurbacs, strategy consultant at Vaneck/MVIS, tweeted: "Ray Dalio is wrong with Bitcoin. I respect Ray's work and like his books, but his comments on Bitcoin are inadequate and disappointing." Gurbacs added:
ray's views in particular on the size, reach and meaning of the Bitcoin market are worrying. Dozens of millions of people use Bitcoin all over the world, especially in emerging countries. Bitcoin's censorship resistance is groundbreaking.
Dalio used to have a more optimistic view of Bitcoin. In January 2021 he called :" I think Bitcoin is a damn good invention. Type of money to have invented through a system that has been programmed in a computer and that has been working for about 10 years and quickly gains popularity because it is both a kind of money and a place of storage for wealth is an amazing performance. In February last year he confirmed that" a tiny percentage of his portfolio " in cryptocurrency.
Nonetheless, he repeatedly warned that governments can do this bitcoin If the cryptocurrency becomes "material" " banned probably by various governments. "
What do you think of the billionaire Ray Dalio's statements? Let us know in the comment area below.
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