Bridgewater Associates founder Ray Dalio was known for his tough stance on Bitcoin. However, in his latest statement, he admitted that Bitcoin is among the assets in his investment portfolio.
“I'm saying that Bitcoin has accomplished amazing things over the last 11 years. BTC has a mini place in my portfolio. I think Bitcoin lovers are too busy with it. Gold lovers are the same with gold. I think you need to look at a broader set of assets that serve this purpose. "
Speaking to CNBC's Squawk Box, which took place during the World Economic Forum in Davos, Dalio says that Bitcoin has accomplished "incredible things" over the past 10 years. He also states that Bitcoin has turned into an alternative for gold and other assets. Dalio has previously been against Bitcoin, noting its high volatility. For this reason, he said that BTC cannot be a store of value.
In addition, billionaire hedge fund manager Dalio notes that Bitcoin is gaining momentum to become the new form of money that can replace fiat currencies. He also states that Bitcoin is well positioned to serve as a medium of exchange that acts as a store of value.
Changing his view on Bitcoin, Dalio states that the leading crypto money can be a wealth storage tool in the future as a “gold diversifier”.
Still, Dalio states that he has reservations about Bitcoin's volatility. It especially draws attention to its fluctuation in 2022. The leading cryptocurrency Bitcoin is trading around $ 29,200 in the last 24 hours. It came here from a new all-time high of $69,000 in November 2021.
According to CoinGecko data, Bitcoin price hovered around $29,327.16 at the time of writing, while the last 24-hour trading volume of Bitcoin (BTC) was $26.844,983,462. BTC price is down -0.1% in the last 24 hours.