https://ift.tt/3EAWYcG an alternative currency- The Cryptonomist

Ray Dalio, the founder of one of the world’s largest hedge funds, Bridgewater Associates, has again spoken about Bitcoin in positive terms, stating bluntly that now after eleven years, BTC has earned the status of “alternative money” in the field.

Ray Dalio’s opinion on Bitcoin

He told Yahoo Finance Editor-in-Chief Andy Serwer: 

“I think it’s very impressive that for the last 10, 11 years, that programming has still held up,” he told Yahoo Finance’s editor-in-chief, Andy Serwer. “It hasn’t been hacked and so on and it has an adoption rate.”

At the same time, the billionaire added that he has not yet become a cryptocurrency evangelist, admitting that he has invested a small portion of his wealth in it. 

“I’m very big on diversification,” he said of his investing strategy. “And it’s a relatively small part of the portfolio.”

On the other hand, at the beginning of 2020, he had expressed some doubts about the real consistency of Bitcoin as an investment due to its excessive volatility. But the pandemic and the economic crisis have evidently changed his opinion about Bitcoin and cryptocurrencies. In September 2021, during an interview with CNBC, he had admitted to investing in Bitcoin. In the same interview, he argued that Bitcoin can now be considered in all respects an alternative asset to cash.

Bitcoin and gold

On the other hand, regarding whether Bitcoin can be considered as an alternative store of value to gold, Dalio still shows some doubts: 

“Gold is still my favorite because of certain qualities. For example, you can’t trace it. And of course, gold has been for many thousands of years universally recognized as a source of money.”

This is another reason why Dalio doesn’t believe at all that it’s possible to imagine a $1 million price tag for Bitcoin. According to his analysis, cryptocurrency is worth about 20% of gold.

NFT and Dogecoin

Dalio also talked about Dogecoin and NFT, stating that they are proving to be very attractive assets.

He also stated that he doesn’t own NFTs yet, but at the same time, he is quite bullish on the future of NFTs and that he will probably buy some soon. 

“This (NFT) stuff is happening, it’s real…”

He then addressed Dogecoin and Elon Musk’s claim that he wants to use the cryptocurrency for his mission in space and make it a sort of reserve currency.

“My reaction is ‘That’s cute.’ I have a lot of respect for Elon’s ability to do other things behind it, so I’d take that as symbolic and ask him what is next.”

That’s what Dalio said about the Tesla owner’s intention.