Investing Legend Ray Dalio Slams Bitcoin and Crypto, Says Digital Assets Are Not Storeholds of Wealth
Hedge fund veteran Ray Dalio doesn’t think Bitcoin (BTC) or any other crypto asset represents an effective store of wealth.
In a new interview with We Study Billionaires, longtime crypto critic Dalio says the digital asset space receives a disproportionate amount of attention given its relatively small market cap.
He argues crypto assets don’t work well as mediums of exchange or stores of value.
“There’s a technology, the blockchain technology, which I think is an excellent technology, and I think it’s very important to distinguish it from a digital currency. And if we’re dealing with digital currencies, let’s use Bitcoin as an example…
First of all, I believe we’re in an environment in which we’re creating a lot of debt. And money as we know it and financial assets such as debt assets… I think we’re in an environment that’s not going to be a good environment, and people will want to look for alternative storeholds of wealth…
Having said that, all the digital currencies basically don’t replicate anything. They move up and down, it’s not like [they are] an inflation hedge.”
Dalio also argues that crypto doesn’t offer privacy benefits because “everybody’s tracking what you’re doing on it.”
The founder of asset management firm Bridgewater Associates does acknowledge that he owns “a tiny bit” of crypto for the experience and the “who knows” element. He also predicts there will be “better digital currencies” in the future.
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