Bridgewater Associates founder and hedge fund legend Ray Dalio has been critical of BTC and other cryptocurrencies. cryptocoin.com We have compiled the legend’s comments for you.
Criticized BTC and other cryptocurrencies
The legendary billionaire hedge fund manager, founder and co-chief investment officer of Bridgewater Associates, has recently criticized Bitcoin (BTC) and other cryptocurrencies for ‘copying nothing’ and ‘not being an effective store of wealth’.
The legendary investor, who has an estimated net worth of over $19 billion, said in an interview that blockchain technology is “great, but it’s crucial to differentiate it from cryptocurrency.” According to his words, there have been various fads in the cryptocurrency industry, but the cryptocurrencies in it ‘do not copy anything’ and are ‘not an effective store of wealth’.
During the interview, Dalio commented that the cryptocurrency industry has received a disproportionate amount of attention. He likened this to Microsoft’s current market cap of $1.8 trillion. In terms of context, the largest company by market cap is Apple, which at the time of this writing trades at around $146 per share and has a market cap of $2.3 trillion. It is followed by Saudi Aramco, the oil giant of Saudi Arabia with a market share of 1.86 trillion dollars.
In the interview, Dalio also said that we are in an environment where we are ‘creating too much debt’, which has made people want to ‘seek alternative stores of wealth’. However, he believes that cryptocurrencies ‘do not copy anything’ and do not have an inflation protection. Also, the billionaire investor said that digital currencies offer no privacy benefits as other people can access transactions on the blockchain. The legendary hedge fund manager believes that better digital currencies will be released over time.
The legend spoke about cash
Ray Dalio built his investment empire into one of the largest hedge funds in the world. In a recent interview with CNBC, Dalio said, ‘Money as we know it is at stake. [çünkü] “We’re putting a lot of pressure, and it’s not just in the United States,” he said.
Dalio eliminated Bitcoin as a solution because he said Bitcoin has proven to be very volatile, not related to anything, and that many industries are more interesting than crypto.
“I think the best … is an inflation-linked cryptocurrency,” Dalio said, noting that the closest thing to his vision in the market is an inflation-linked index bond in currency form.
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