[Blockchain Today Correspondent Han Ji-hye] Billionaire Ray Dalio, a former leading Bitcoin critic, classified cash as the ‘worst investment’ and expressed a positive attitude, saying that he was deeply impressed with cryptocurrencies.
According to Cointelegraph, Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, told Yahoo Finance on the 17th (local time) that “Bitcoin has been unhacked for the past 10 years.” That’s impressive,” he said.
He owns Bitcoin and Ethereum. When asked about his holdings, Dalio replied, “I have a wide variety of asset classes, and cryptocurrencies make up a very small part of my portfolio.”
Previously, Ray Dalio was a leading Bitcoin denial. Back in 2020, he noted that Bitcoin is not very good as a storehouse of wealth. However, in early 2021, when Bitcoin rallied day after day, cryptocurrency was called a ‘hell-invention’.
Also in an essay published in January, he explained that cryptocurrency advocates and opponents alike see the same thing from different angles. He added that he understands that Bitcoin has its pros and cons.
Billionaire fund manager Dalio said he sees cryptocurrencies as an alternative currency in an environment where the value of cash is substantially devalued. “I think cash is the worst investment, what most investors think is the safest investment,” he said.
Meanwhile, Ray Dalio argued last year that “I don’t think Bitcoin (BTC) is an effective exchange or store of value because of its volatility.” However, as the bitcoin price hit its then-highest and rallied day after day, he admitted, “I may be missing something.”
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