Ray Dalio: “Bitcoin Doesn’t Get the Attention It Deserves”

Ray Dalio, founder of Bridgewater Associates, one of the world’s largest hedge funds, joined CBCN’s Squawk Box program. Speaking about Bitcoin and cryptocurrencies here, Ray Dalio argued that the leading cryptocurrency BTC has nothing to do with anything and receives disproportionate attention.

“Bitcoin has nothing to do with anything. BTC is a disproportionately tiny thing. On the face of it, Bitcoin is worth less than 1/3 of Microsoft stock. In this context, Bitcoin is not an effective store of wealth. However, as we know it, money is at stake. We must not forget that we are in the world.”

Thinking that Bitcoin cannot be an effective exchange tool or a store of wealth in this state, Ray Dalio added that the development of BTC over the years cannot be ignored. Ray Dalio described Bitcoin’s achievements over the past 12 years as incredible. The American investor, who argues that countries’ monetary policies put money at risk, believes that we need a currency that is protected from inflation. Thinking that stablecoins will not work in this regard, Dalio said:

“I think what works at this point will be an inflation-related currency. There has to be something that will provide purchasing power. You will probably see the development of coins that will become as attractive as current coins. I don’t think Bitcoin is. something that hinders the preservation of its power.”

The famous billionaire, who described cash as garbage in his previous statements, believes that cash is now relatively attractive at the current economic point. Announcing that he bought Bitcoin for the first time in 2021, Ray Dalio stated that BTC constitutes only a small part of his portfolio.