🔥 From Skeptic to Advocate? Ray Dalio Calls Bitcoin Hard Money
posted 11 Dec 2024
From skepticism to admiration, Ray Dalio hailed Bitcoin as resilient money at Financial Week in Abu Dhabi. A telling shift from his earlier views.
Taking the stage at Financial Week in Abu Dhabi, the founder of Bridgewater Associates and author of Principles compared Bitcoin to gold.
Back in 2020, he asserted that digital currencies wouldn't attain the success people desired, citing the market's high volatility, limited utility, and the lack of regulatory oversight.
Yet, at the Consensus 2021 conference, he confessed to owning some BTC. He warned that Bitcoin's biggest danger could be its own success: "if it’s successful, the government will try to kill it and they have a lot of power to succeed."
As Bitcoin surged past $100,000, the tide of opinion among skeptics has shifted. Financial Times journalists issued a rare apology for their earlier doubts, while Ray Dalio has also altered his perspective.
Taking the stage at Financial Week in Abu Dhabi, the founder of Bridgewater Associates and author of Principles compared Bitcoin to gold.
I want to steer away from debt assets like bonds and debt, and have some hard money like gold and bitcoin,he stated.
Dalio warned of a looming debt crisis, citing record-breaking indebtedness across most major economies—with Germany as an outlier. He believes this crisis will result in severe currency devaluation.
Ray Dalio taking the stage at Financial Week in Abu Dhabi. Source: scmp.com
In February 2023, Dalio still held reservations about Bitcoin. During a CNBC interview, he remarked, “It’s not going to be an effective money. It’s not an effective store of wealth. It’s not an effective medium of exchange.”
Back in 2020, he asserted that digital currencies wouldn't attain the success people desired, citing the market's high volatility, limited utility, and the lack of regulatory oversight.
Yet, at the Consensus 2021 conference, he confessed to owning some BTC. He warned that Bitcoin's biggest danger could be its own success: "if it’s successful, the government will try to kill it and they have a lot of power to succeed."
More breaking news
More breaking news
Breaking news
🌋 EigenLayer Restaking Expands Beyond Ethereum
