Digital Assets: Ray Dalio Says Bitcoin Is A Poor Alternative To Gold, May Be Outlawed
Billionaire Ray Dalio is unimpressed by this year’s rally in bitcoin.
Ray Dalio, the founder of Bridgewater Associates and a legendary investor with a net worth of $19.1 billion, has maintained his stance that Bitcoin is not a reliable store-of-value asset or a medium of exchange.
In a recent interview, he highlighted the cryptocurrency’s persistent volatility and asserted that the fluctuations in its price do not correspond to practical factors, making it an inadequate currency.
He also pointed out that Bitcoin is a “very, very poor alternative to gold” and emphasized the ongoing risk of it being rendered illegal or too heavily regulated. (Cryptoglobe)
Notwithstanding his criticisms, Dalio envisions a future where cryptocurrencies have the potential to evolve and bring about new, more appealing, and workable coins in times to come.
According to Dalio, as the world progresses, individuals will search for a secure way to store their wealth, and digital currencies could potentially have a part in this shift.
Nonetheless, he is of the opinion that Bitcoin does not meet the criteria as a currency that ensures purchasing power with time and has widespread usability for transactions. Instead, he envisions a digital currency linked to inflation that might be a better option compared to Bitcoin.
Despite Bitcoin’s impressive 12-year run, Dalio stated that it has no real economic connections to anything and attracts more attention than it deserves.
Related Story: Bitcoin Unlikely To Reach Stratospheric Heights, Says Dalio
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