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Legendary investor Ray Dalio says he is not changing his stance on Bitcoin (BTC) despite the crypto king’s remarkable rally at the start of the year.
Gold is more reliable than Bitcoin
Ray Dalio is a well-known investor and founder of Bridgewater Associates, one of the largest hedge funds in the world. His comments about Bitcoin are not new, but his stance remains unchanged even after the recent rise in Bitcoin’s value.
In an interview on The Julia La Roche Show, Dalio says his view of Bitcoin is pretty much the same as before: BTC is still not a reliable store-of-value asset:
“[Bitcoin] is not an effective currency. It has a volatility that is not related to anything practical… It goes down because say people in the tech sector like it, and then there is a technical problem, then they sell it to increase things and so on and so forth…
It is a very, very bad alternative to gold… Central banks own gold, by the way, and it is their third largest reserve – US dollars, euros, gold and then yen.”
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Dalio’s concerns about Bitcoin include its lack of stability and the fact that it is not backed by an underlying asset, such as gold. He also points out that regulators and central banks are reluctant to embrace Bitcoin, and there is a risk that it could be banned. Dalio says:
“They can [Bitcoin] prohibit. They can regulate it. Central banks and countries just about don’t want it. So it’s not a good viable alternative… It can drop by 80%, and if you want a little bit of it, you can have it. It’s not a major asset. It receives an amount of attention that is far out of proportion to its size.”
Despite his criticism of Bitcoin, Dalio does recognize the potential of blockchain technology and digital currencies as a means of simplifying and accelerating financial transactions. However, he emphasizes that there is still a lot of uncertainty about the future of Bitcoin and other cryptocurrencies.
The post Ray Dalio: Bitcoin is a bad alternative to gold appeared first on CryptoBenelux.
