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, Ray Dalio still not convinced of Bitcoin (BTC), Forex-News, Forex-News
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Ray Dalio still not convinced of Bitcoin (BTC)

, Ray Dalio still not convinced of Bitcoin (BTC), Forex-News, Forex-News

, Ray Dalio still not convinced of Bitcoin (BTC), Forex-News, Forex-News

In an interview on Yahoo Finance, billionaire investor and founder of Bridgewater Associates, Ray Dalio, said he believed that digital currencies released by governments and central banks will gain more traction than Bitcoin and other cryptocurrencies. Therefore, you are not convinced of Bitcoin (BTC).

It should be noted that in recent months the Bitcoin ecosystem is registering significant growth. Especially, driven by investors and companies, who see in the digital currency a possible refuge against a possible unfavorable economic scenario.

But, despite this increase in institutional interest, not all investors are convinced of the leading cryptocurrency.

Ray Dalio and Bitcoin

Indeed, Dalio, who already in September 2017 considered that Bitcoin is not suitable for a medium of exchange or store of value. He said at the time:

“There are two uses of money: a medium of exchange and a store of wealth. Bitcoin currently does not comply in any of these cases. “

Also, during an interview on CNBC at the 2020 World Economic Forum, he said that: “Investors should not be sidelined in 2020. ” Affirming, that the having cash was a bad idea.

In these circumstances, on November 7, Julia LaRoche of Yahoo Finance interviewed Ray Dalio. Basically to discuss capitalism, why the educational system doesn’t work for some, Bitcoin, and more.

Specifically, on Bitcoin (BTC), Dalio explained why he prefers to gold. And he expressed doubts as to whether governments will allow BTC to become a useful currency to the public.

Also, he indicated that governments will declare Bitcoin (BTC) illegal, if it becomes very successful.

If Bitcoin materializes, governments will not allow it. I mean, they will ban it and will go out of their way to enforce that. They will say: Okay, you can’t transact with Bitcoin. You can’t have a Bitcoin”.

Furthermore, he added: So if I said: «Do I prefer Bitcoin to gold? No, I would not prefer Bitcoin to gold. Gold will be the vehicle that central banks and countries will choose as an alternative to normal cash».

Other problems

For his part, Ray Dalio cites other problems he sees with Bitcoin, in addition to possible problems with the government.

“Today, I cannot take my Bitcoin and easily go shopping with it. Its volatility is so great that it does not allow it to be an effective store of wealth ”.

In effect, Dalio predicted that digital versions of fiat currencies will displace Bitcoin. Precisely, he expects the world to increasingly turn to central bank digital currencies, such as the US dollar or the euro.

Other opinions

Thus, Dalio’s cautious stance on Bitcoin differs from that of his fellow billionaire investors. Take, for example, Stanley Druckenmiller and Paul Tudor Jones, who see Bitcoin as a digital store of value on the same ground as gold.

As a fun fact, Stanley Druckenmiller believes that BTC may have more advantages than gold. While Tudor Jones believes that investing in Bitcoin is like betting on the tech giants Apple and Google in their early days.

In fact, billionaire, entrepreneur, and hedge fund manager Paul Tudor Jones III commented that he feels much more comfortable with Bitcoin than he was recently when he invested in cryptocurrency.

Recently, Twitter and Square CEO Jack Dorsey invested about $ 50 million in Bitcoin. The objective of the measure was to protect said capital against the current economic scenario.

Is interest in Bitcoin growing?

On the other hand, others like Elon Musk, are a little more balanced compared to Bitcoin. According to Musk, the usefulness of Bitcoin will be limited to certain cases, and it is unlikely that it will become a “primary financial database”.

In the same vein, we have Bill Gates, who has been among the richest in the world for quite some time.

Although Gates had previously shown his enthusiasm for Bitcoin in 2014, stating that Bitcoin was better than any other currency. Since then, he has retracted his comments, pointing out that the anonymity of digital currencies is not good for transactions.

However, during a 2018 interview with CNBC, he added that Blockchain, the underlying technology behind most cryptocurrencies, has its merits.

Otherwise, we have Michael Novogratz, popularly known as Novo. Which has maintained that: «Bitcoin is going to be digital gold».

So would you agree with Ray Dalio and his comment on Bitcoin? Leave us your opinion in the comment box.

I am retiring, but not before leaving you this phrase from John McAfee: “You cannot stop things like Bitcoin. It will be everywhere, and the world will have to adapt. Governments around the world will have to adapt”.

, Ray Dalio still not convinced of Bitcoin (BTC), Forex-News, Forex-News

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, Ray Dalio still not convinced of Bitcoin (BTC), Forex-News, Forex-News

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