The billionaire Ray Dalio said he was impressed with cryptocurrencies while classifying cash as “the worst investment.”
In an interview with Yahoo! Finance, December 17th The founder of Bridgewater Associates said he found it “impressive” that cryptocurrencies have survived without being hacked for the past decade.
“I believe that It is impressive that this programming has endured for the past 10-11 years. It hasn’t been hacked and has an adoption rate “said Dalio.
He also mentioned that he owned Bitcoin (BTC) and Ether (ETH), but when asked how much he owned, Dalio replied that he didn’t own much.: “I love diversification and it’s a very small part of my portfolio.”
Ray Dalio’s criticism of volatility and the lack of buyer protection for crypto currencies alarmed many owners as early as 2020..TO Called that Bitcoin “is not very suitable as a store of wealth”. However, in early 2021, the billionaire took a 180-degree turn on Bitcoin and called the asset “a great invention”.
In an essay published by Dalio in January 2021, clarified that both proponents and critics of cryptocurrencies look at the same thing from different angles. He said that he understands that Bitcoin has its advantages and disadvantages.
The multi-billion dollar fund manager further pointed out that he sees cryptocurrencies “as alternative money in an environment in which the value of cash is depreciating in real terms”. He added that he still thinks “cash is junk,” as he said in previous interviews.
“Cash, which most investors consider to be the safest investment, is the worst investment in my opinion.”
The billionaire’s answers show more positivity than his previous statements in August, in which he said the United States could ban Bitcoin and that it would prefer gold over Bitcoin, which has been classified as FUD by the community.
March 25th Dalio stated that Bitcoin will likely be banned in the same way as gold in certain circumstances. As an example, he cited the gold ban in the 1930s and said that the same can happen to Bitcoin. At that time, the government didn’t want gold to compete with Fiat because things could “get out of control,” Dalio said.