The Founder Of The World’s Most Powerful Hedge Fund Claims Bitcoin Is Getting Too Much Attention Due To Its Relatively ‘Small’ Size
- Cash is no longer garbage
- neutral position
inside A recent interview with CNBCRay Dalio, founder of hedge fund giant Bridgewater Associates, stressed that Bitcoin, the leading cryptocurrency, has nothing to do with it.
I don’t think it has anything to do with it…it’s a small thing that gets disproportionate attention. Bitcoin is worth less than a third of the value of Microsoft stock. Biotech and other industries are more interesting than Bitcoin.
Dalio added that Bitcoin will not be an effective medium of exchange or an effective store of wealth.
At the same time, an American investor described Bitcoin’s performance over the past 14 years as “amazing.”
After criticizing stablecoins, Dalio came up with the idea of introducing a digital coin that tracks inflation. According to Dalio, it would help individuals secure their purchasing power.
Cash is no longer garbage
Speaking of the broader economy, Dalio, who repeatedly called cash “garbage” over the past two years, now argues that cash is relatively attractive.
He further explained that the US dollar is currently relatively attractive in relation to stocks and bonds.
“We are currently in a typical situation where interest rates are relatively high…cash rates are relatively high,” he said.
The billionaire has revealed he bought Bitcoin for the first time in May 2021 after previously making critical comments about the world’s largest cryptocurrency.
As Reported by U.Today, Dalio said last May that Bitcoin makes up only a small part of his portfolio. Before that, hedge fund managers said it would be prudent to allocate up to 2% of their portfolios to the world’s largest cryptocurrencies.
Dario also commented that he would choose gold than bitcoin The former has already proven itself as a viable store of value with its track record.
The billionaire also said he was neither bearish nor bullish about the world’s largest cryptocurrency.
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