“Chances Of Bitcoin Touching $1M Value Is Very Low”, Says Billionaire Ray Dalio

SNIPPETS

  • The 72-year old American has not always been such an advocate of the leading digital asset.
  • He allude that chances of Bitcoin reaching a high value mark like $1M is very narrow due to multiple limitations.
  • The precious metal, on the other hand, remains Dalio’s preferred investment vehicle.

Ray Dalio, a well-known investor and the founder of Bridgewater Associates, believes that humanity is entering an era in which money will compete, and bitcoin will be a part of that competition. Q

The principal cryptocurrency is also a gold substitute, according to the millionaire.

Dalio Amazed By Bitcoin

The 72-year old American has not always been such an advocate of the leading digital asset. At the beginning of 2020, he said bitcoin fails to serve the purpose of money and that “because of its volatility, you can’t go next to it.”

However, the COVID-19 pandemic and the mass printing of fiat currencies started changing Dalio’s stance on the asset.

In January this year, he outlined his admiration for it, stating its longevity is “an amazing accomplishment.” A few months later, the investor admitted he had allocated a relatively small part of his wealth into BTC.

Dalio reaffirmed his support for bitcoin in a recent interview with Lex Fridman. He added that the evolution of the asset is what has caused him to modify his mind over time:

“It has demonstrated its worth. It hasn’t been hacked; instead, it has operated in such a remarkable manner over the past 11 years to become the most talked-about topic among many people. It has been put to use and now bears the position of having imputed worth.”

The billionaire believes that the massive number of fiat currency in circulation as a result of some countries’ problematic practises would restructure the global financial system.

Bitcoin, as “alternative money,” will be a part of that revolution, he continued.

Dalio’s Preferred Investment Tool Is Still Gold

At the same time, because it functions as a medium of trade, is portable, and is recognised globally, BTC may be considered a gold alternative. The precious metal, on the other hand, remains Dalio’s preferred investment vehicle:

“I still choose gold because of certain characteristics. You can’t, for example, trace it. Gold, of course, has been universally acknowledged as a form of money for thousands of years.”

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