Billionaire Ray Dalio Praises “Bitcoin” Saying “Bitcoin is younger generation’s gold.”


Billionaire investor Ray Dalio is fascinated by bitcoin, the most valuable cryptocurrency in terms of market capitalization, and its blockchain.

“It has been a fantastic success for bitcoin to have achieved what it has done, from building that software, not being hacked, having it operate, and having it embraced the way it has,” said Ray Dalio, founder of Bridgewater Associates, on Wednesday.

“I have faith in blockchain technology.” Because there will be a revolution, it has won credibility.”

Dalio reiterated his ownership of “a tiny amount” of bitcoin, calling it “almost a younger generation’s alternative to gold”. “Bitcoin is similar to gold, except that gold is a well-established blue-chip alternative to fiat money.”

Similarly, believers of bitcoin perceive the asset as digital gold, a store of value, and a hedge against inflation.

“It has no inherent worth, but it has imputed value, therefore it has some virtue,” Dalio explained.

Bitcoin is designed to have a finite quantity. This scarcity is essential to why bitcoin bulls argue for long-term holdings of the cryptocurrency – as demand rises and supply falls, the cryptocurrency’s value may theoretically rise.

Dalio, on the other hand, is concerned about governments forbidding it.

“There are a lot of additional difficulties with Bitcoin.” If it poses a danger to governments, it will very certainly be forbidden in certain countries when it becomes somewhat appealing,” he said. “It may not be illegal everywhere.” I don’t think central banks or other organisations will put much money into it.”

However, experts believe it would be extremely difficult for a government to fully outlaw bitcoin.

Global Crypto Market Down Today

Meanwhile, global crypto market capitalization fell to $2.14 trillion from $2.21 trillion in the previous 24 hours, but volume increased to $105.96 billion from $89.49 billion on December 18.

Among the world’s biggest cryptocurrencies, Bitcoin fell 3.6 percent to Rs 36,79,813, while Ethereum fell 3.8 percent to Rs 3,05,454.0. Avalanche, on the other hand, increased by more than 4% to Rs 8,556.

During the previous 24 hours, Polkadot fell by more than 6% to Rs 1,955, while Litecoin fell by 2.6 percent to Rs 11,658.74.

Bitcoin led the crypto market capitalization chart with a stake of more than 40%, followed by Ethereum at 21% and Binance coin at 4%.

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