Dalio, the founder of the world’s largest hedge fund company Bridgewater, is optimistic about Bitcoin in disguise?
In a Twitter post published on Tuesday, Dalio , the founder of Bridgewater, the world’s largest hedge fund company , stated that he believes that Bitcoin ( BTC ) is not an effective means of trading and a store of value because of its high volatility. He also claimed that if encrypted assets pose a threat to fiat currency, the government can declare it illegal. However, he also admitted that he “may have missed some information” and invited others to comment.
Dalio said : “I can’t imagine central banks, large institutional investors, corporations, or multinational corporations using Bitcoin. If I make a mistake about Bitcoin, I hope it will be corrected.”
I may have missed some news about Bitcoin, so I hope to correct it. I just have a question about Bitcoin becoming an effective currency.
-Ray Dalio (@RayDalio) November 17, 2020
Dalio made this statement after the price of Bitcoin soared, when the price of Bitcoin rose to more than $17,500 in less than 24 hours. This good news has caused many contributors in the field to share their views with billionaires.
Mati Greenspan said : “Let’s put it this way… Bitcoin is money, everything else is credit.”
CoinShares Chief Strategy Officer Meltem Demirors gave a more in-depth response on how she believes that BTC can be effectively used for payments , but she added that Bitcoin is “a core savings technology.” BlockFi CEO Zac Prince then expressed his views and answered every question of Dalio in turn. He cited institutional investors who have recently adopted Bitcoin , including Fidelity Digital Assets, Square, Paul Tudor Jones, Bill Miller, and Stanley Druckenmiller.
Bitcoin needs to be a valuable currency, but RayDalio was not optimistic about Bitcoin at first. It is best to think of Bitcoin as an asset such as gold and art that is subject to the laws of supply and demand. There is a good analogy for this-”Bitcoin is like a platypus, combining various peculiar characteristics.”
-Zac Prince (@BlockFiZac) November 17, 2020
Last Thursday, Dalio stated that he believes that if governments see a sharp rise in Bitcoin, they may increase their efforts to restrict cryptocurrencies . When Dalio made this statement, the BTC price was approximately $15,700.
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