Ray Dalio is saying that Bitcoin (BTC) has stood the test of time, but believes that the overall crypto market still faces challenges ahead.
In a new interview with CNBC’s Andrew Ross Sorkin, the Bridgewater Associates hedge fund founder explains why the benchmark crypto is a viable alternative currency.
“It has a limited supply, and as long as it’s accepted for payments and has a limited supply, if the demand grows more than the supply grows, it goes up and it serves that purpose.
It’s done a heck of a job of programming, stood the test of time, meaning it hasn’t been hacked, and so on. So it’s a viable alternative. I think most of the people would say, is it a store hold of wealth that’s limited in supply and maybe not controlled? Is it a viable alternative to a fiat currency?”
The billionaire says he owns more gold than crypto and recommends that investors do not focus on just Bitcoin or gold. He says that portfolio diversification can mitigate risks in case some assets face headwinds in the future.
“Let me tell you… crypto can go [away] like that, meaning governments can regulate it, outlaw it, or it can be traced…
Governments don’t want alternative currency, okay? Because throughout history we see that they want control over the currencies… Since 1700, there have been about 750 currencies. Only 20% of those are still in existence, and all of those have been significantly devalued at one point or another.”
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