September 26, 2021

Ray Dalio does 180 on Bitcoin, calls it ‘one hell of an invention’

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Ray Dalio, the famed founder of Bridgewater Associates, called Bitcoin (BTC) “one hell of an invention,” adding that he’s considering digital-asset investing for clients wishing to protect against currency debasement. 

In a note to clients that was obtained by Bloomberg News, Dalio called Bitcoin’s store-of-value characteristics an “amazing accomplishment” and one of the few “alternative gold-like assets at this time of rising need for them.”

He said:

“To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.”

Bridgewater Associates is the world’s largest hedge fund, with assets under management of roughly $160 billion. The firm is trusted by institutional investors and other high-net-worth individuals to produce steady returns regardless of the market environment.

Like other hedge fund managers, Dalio has been critical of Bitcoin in the past. In November 2020, he criticized BTC for its excess volatility, claiming that it could never be an effective medium of exchange or store ofTitle: Ray Dalio does 180 on Bitcoin, calls it ‘one hell of an invention’
Sourced From: cointelegraph.com/news/ray-dalio-does-180-on-bitcoin-calls-it-one-hell-of-an-invention
Published Date: Thu, 28 Jan 2021 17:57:56 +0000