May 28, 2023

Investor Ray Dalio: Bitcoin Fails Like Money

Investor Ray Dalio: Bitcoin Fails Like Money

Ray Dalio, founder of investment company Bridgewater Associates, a billionaire and well-known investor, said that cryptocurrency cannot act as money. However, he also noted that people should look for an alternative to cash.

Ray Dalio remains one of the most popularAmerican investors and hedge fund managers. Speaking at the World Economic Forum in Davos, Dalio expressed his opinion on bitcoin, gold and the entire financial system of our time.

According to Dalio, the largest cryptocurrencythere is a very long way to go if it wants to serve as a real payment method, since high volatility is its main drawback. He said:

Money has two goals - a medium of exchange and a stock of value. Bitcoin is currently not effective in any of these cases.

He also believes that Facebook’s stable coinLibra can provide the necessary stability in the future, as it will be supported by several financial assets, which reduces its volatility.

On top of that, Dalio criticized Fiatmoney, stating that "cash is rubbish." He says that most governments currently continue to print cash, and this leads to even greater economic turmoil.

Popular investor emphasized several timesprofitability of buying gold. He said that in the near future, central banks will buy gold, not digital assets. In his opinion, gold has established itself as a "reserve currency for a thousand years to come."