A billionaire friend – Bitcoin (BTC) does it need legitimacy to exist and succeed in the medium and long term? Some yesterday’s enemies of the oldest cryptocurrency now feel the tide, and criticize cash while praising bitcoin.
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Billionaire Ray Dalio has made a 180 degree turn on bitcoin. In 2020, the founder of Bridgewater Associates criticized the volatility of cryptocurrencies, and highlighted the lack of investor protection in the sector. He even indicated that bitcoin is “not very good as a store of wealth”.
These terms contrast with what Dalio said in 2021, this time calling bitcoin of “hellish invention”. The billionaire published an essay in January 2021, explaining that supporters and detractors of bitcoin looked at bitcoin from different angles. Dalio understood that bitcoin had its pros and cons.
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Small amount of bitcoin in billionaire’s asset portfolio
In a December 17, 2021 interview with Yahoo! Finance, Dalio is far from being stingy in compliments when speaking of bitcoin. He specifically clarified the fact that bitcoin has not been hacked “for the past 10-11 years”. Dalio now considers bitcoin ” as an alternative currency in an environment where the value of cash depreciates in real terms “.
The billionaire said he owns bitcoin and ether (ETH), but not in large quantities, emphasizing being “very attached to diversification, and it is a very small part of the portfolio”.
Despite his change of position regarding bitcoin in 2021, Dalio had raised this year the possibility of a ban on bitcoin by the United States, and that he would therefore prefer digital gold to physical gold. To support these pessimistic bitcoin regulatory forecasts, Dalio has recalled the prohibition of gold in 1930 by the American government, to prevent the yellow metal from competing with fiat currencies.
More and more big investors trust bitcoin, and crypto companies, like the New York Digital Investment Group, increasingly facilitate the entry of large wallets into the BTC markets.
Bitcoin and cryptocurrency are here to stay and will change the landscape of the economy, even the former billionaire enemies of bitcoin become its advocates. On your side, do not delay too long and go register on Ascendex and if you are reading this you might be one of the 400 new users who will benefit from an additional $ 5 airdrop IN ADDITION to 10% off trading fees (affiliate link, subject to trading at least $ 100 , see conditions on site).