The billionaire Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, said on Twitter today that he might have missed something for Bitcoin to exceed $17,000 for the first time in nearly three years.
Dalio has previously stated that Bitcoin is inferior to gold, and it is ineffective either as a medium of exchange or as a means of storing value.
Earlier this month, Dalio even claimed that Bitcoin is likely to be banned, adding that cryptocurrencies will not be as successful as people hope.
Dalio said today that his analysis may be wrong and hopes to be corrected.
He said: “My view on the problem of Bitcoin becoming an effective currency is very simple. As a wealth reserve, Bitcoin is not very good because it is very volatile and has almost no relationship with the purchase price, so owning it does not Can’t protect my purchasing power. Once Bitcoin can compete with government-controlled currencies, it may eventually be banned. I can’t imagine central banks, large institutional investors, corporations, or multinational corporations using it if I predict these things wrong , Hope to be corrected.”
Podcaster and Morgan Creek Digital co-founder Anthony Pompliano replied on Twitter: “I have explained Bitcoin and persuaded many hedge fund peers to buy it, and at the same time let the U.S. public pension system invest in the asset. Hope to have the opportunity to explain to you and answer any of your questions.”
Although Dalio insists on his position, for the time being, he claims that governments around the world are more likely to ban Bitcoin than to adopt Bitcoin, but this is the first time he admits that he may not understand Bitcoin.
Former Bitcoin bearers such as Jamie Dimon and Michael Saylor have recently turned to Bitcoin, which may have affected Dalio’s analysis. The current bull market is also very different from the FOMO frenzy of 2017, and the fundamentals supporting the current price trend are much stronger.
Author Amy Liu
