Ray Dalio, CEO of Bridgewater Associates, the world’s largest hedge fund, said that the leading cryptocurrency Bitcoin is the gold of the younger generation.
Dalio, one of the richest in the world, said in a recent interview with MarketWatch that he now values Bitcoin by moving away from his past skepticism towards Bitcoin and cryptocurrencies.
“Bitcoin is an alternative to gold for the younger generation. I think it has no intrinsic value, but it has peer value and therefore some value.”
The 71-year-old successful CEO continued his laudatory words about Bitcoin, stating that Bitcoin has never been cyber-attacked to this day and that it has achieved a great success with its adoption rate.
Arguing that portfolio diversification should be burned, Ray Dalio stated that he also bought Bitcoin with a part of his portfolio, and “I have Bitcoin to protect my portfolio.” said.
The famous billionaire announced that he bought a small amount of Bitcoin for the first time in May.
Although Dalio thinks that Bitcoin will not be banned worldwide, he said that as an investor he still prefers to buy mainly gold over Bitcoin, as it has managed to survive as a store of value for thousands of years.
Finally, Ray Dalio stated that the FED’s printing money may cause more inflation, and said:
“It would be bad for the economy, politics and markets if they tried to fix it by allowing interest rates to rise. So they’re probably going to have to print more money, which causes more monetary inflation.”
*Not investment advice.