Legendary Investor Buys Up Bitcoin on the Fall
Legendary investor and billionaire Ray Dalio announced his own investment in Bitcoin.
Ray Dalio, the founder of the world's largest hedge fund Bridgewater Associates, said in an interview with Coindesk that he invested in Bitcoin to protect savings from inflation.
According to him, the US Dollar is depreciating, which creates attractive conditions for investing in cryptocurrency. At the same time, Bitcoin in the current conditions looks more attractive as a means of saving than Gold.
Dalio said that Dollar is on the verge of devaluing to levels last seen in 1971, and China is threatening the Dollar's role as the world's reserve currency.
He also expressed concern that state regulators may take tough measures against cryptocurrencies and their owners. "The biggest risk for Bitcoin is its success," the investor added.
Dalio has repeatedly changed his attitude to digital assets. In 2017, he called the first cryptocurrency a bubble, but acknowledged its performance "on a conceptual level."
In January 2020, the billionaire said that volatile Bitcoin does not perform the functions of money. In November, Dalio added that the asset could never replace Gold, as the monetary authorities would "strangle" it.
In December 2020, the founder of Bridgewater Associates changed his mind, describing Bitcoin as an "interesting" alternative to Gold.
In January, Dalio said that he would consider investing in the first cryptocurrency. In March, the billionaire announced a high probability of banning Bitcoin in the United States.
Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, has been working on Wall Street since the 1970s. The American media calls him "The Steve Jobs of investing".