Ray Dalio: Bitcoin is a „damn good invention“
After Goldman Sachs and BlackRock, the CEO of Bridgewater now also comments on the crypto phenomenon. The surprise: Ray Dalio reveals himself to be a Bitcoin enthusiast.
Ray Dalio is doing an about-face on Bitcoin. The CEO of the hedge fund Bridgewater Associates called BTC a „damn good invention“. In a detailed memo, he pleaded for a differentiated view of the crypto phenomenon. He did not rule out crypto investments as a hedge against the loss of value of fiat currencies.
Bridgewater is the world’s largest hedge fund and Dalio is also highly regarded in the financial world. His assessment therefore carries weight. The matter is all the more explosive because Dalio was still a Bitcoin opponent last November. In view of the enormous Bitcoin Revolution price gains, however, Dalio rowed back a few days later, wanting to be taught better by Twitter.
His memo, which he first sent to clients and published on 28 January, shows a clear change of heart. For Dalio described BTC as a much-needed „alternative gold-like asset in the current market situation.“ Such a statement from Dalio, who is considered a prominent advocate of gold investments, is almost tantamount to an accolade.
Bitcoin „will probably be valuable“
Dalio further sums up that Bitcoin has the potential to emerge as a viable store of value in the future. On the one hand, this depends on the actual application possibilities of the largest cryptocurrency. In addition, the relationship between BTC and the other crypto assets must be explored. After all, it is conceivable that a technically superior coin will one day topple Bitcoin from its throne.
Besides cyber attacks, Dalio sees the greatest danger for BTC in the actions of government decision-makers:
I guess Bitcoin’s biggest risk is to succeed, because if it succeeds, the government will try to kill it and they have a lot of power to succeed.
