Ray Dalio, the famous billionaire hedge fund manager, changes his stance and shows his support for cryptocurrency.
I Have Some Bitcoin
Ray Dalio was once quite the critic of Bitcoin. However, the Bridgewater Associates founder declared just the other day, on an hour-long call with CoinDesk Chief Content Officer Michael Casey, “I have some Bitcoin.”
Dalio joins the growing ranks of billionaires who have invested in the cryptocurrency space.
Dalio wrote in January of last year that, “There exists the possibility that bitcoin and its competitors can fill that growing need” for an alternative store of value.
The billionaire hedge fund manager believes that the dollar in an inflationary market makes it a poor store of value. Dalio said that: “Personally, I’d rather have bitcoin than a bond.”
A Big Win For Crypto?
The move by Dalio is a mixed win for bulls and crypto enthusiasts. On the one hand, a prominent figure who was historically a critic of crypto space, has now changed his mind. This is important for three reasons. The first, is that Dalio is incredibly popular and influential in the finance industry, and now that he backs crypto, it might signal to skeptics that this is a worthwhile investment, thus bringing more capital to the crypto market. Dalio’s prominence plus his support of Bitcoin may also draw interest from his fan base that don’t know much about crypto, incentivizing them to research Bitcoin. The third is that Dalio was in the past, publicly critical of Bitcoin, however, he publicly came out to announce he has changed his mind. Will other billionaires and finance influencers follow suit?
Regulation Concern
Yet some bulls may not be so excited. Dalio also says,
“Bitcoin’s greatest risk is its success.” Why? Greater success will bring greater regulation from the US and other governing bodies. Dalio continues that, “The more we create savings in [bitcoin], the more you might say, ‘I’d rather have bitcoin than the bond.’ Personally, I’d rather have bitcoin than a bond,”
Dalio said, laughing a bit.
“And then the more that happens, then it goes into bitcoin and it doesn’t go into credit, then [governments] lose control of that.”
This potential situation could lead to governments cracking down on bitcoin holders. Time will tell how the balancing dynamics play themselves out. Bitcoin is currently trading at $39,687.29 at the time of writing according to CoinGecko.
Source : bsc.news
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