Investor Ray Dalio: Bitcoin Fails Like Money

Ray Dalio, founder of investment firm Bridgewater Associates, billionaire and renowned investor, said thatcryptocurrency 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 views 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 purposes – medium of exchange and store of value. Currently, Bitcoin is not effective in any of these cases. 

He also believes that Facebook's stablecoinLibra can provide needed stability in the future as it will be backed by multiple financial assets, reducing its volatility. 

In addition, Dalio criticized fiatmoney, stating that “cash – It's trash." He says most governments for now continue to print cash and this is leading to more economic chaos.

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."