Billionaire Ray Dalio recognizes Bitcoin’s role as a diversification tool for portfolios
Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, has been making increasingly positive comments about Bitcoin. On Tuesday, Dalio spoke with Reddit users, writing that the cryptocurrency has established itself over the past 10 years and is generating interest as an alternative to gold..
The billionaire noted that there are both similarities and differences between cryptocurrencies and gold. He classified the former as “savings with limited supply and mobility (as opposed to real estate)”.
When asked if Bitcoin is a tool to address the challenges posed by the new global fiat system, Dalio chose to delve deeper into investor asset protection..
“Bitcoin can be used for diversification of gold and other similar means of accumulation, – he said. – The main thing is to have some types of these assets (limited supply, mobile and accumulative) in the portfolio along with stocks and diversify among them. Not everyone does it “.
Recently, Dalio has noticeably changed his attitude towards cryptocurrency. In the past, he has repeatedly criticized it and in November said that he would not prefer bitcoin to gold, and also did not see it as a store of value. “It’s too volatile for a store of value. For the same reason, he does not can be used as a means of payment, ”he argued. A week later, the head of Bridgewater Associates admitted that he could be mistaken about the cryptocurrency, and asked him to explain what his mistake could be..
During his conversation with Reddit users, Dalio nevertheless revealed that when comparing Bitcoin to gold, he gives a “strong preference” to assets that central banks will keep in their reserves.
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