Billionaire Ray Dalio was 'impressed' by Bitcoin's ten-year survival.

Billionaire Ray Dalio was ‘impressed’ by Bitcoin’s ten-year survival.

Ray Dalio, a prominent Bitcoin sceptic and hedge fund manager, is concluding the year with a favourable outlook on cryptocurrencies.

Billionaire Ray Dalio expressed his support for crypto, calling it "the best investment" while describing currency as "the worst."

In an interview with Yahoo! Finance, on December 17, the Bridgewater Associates founder stated that he thinks it’s “impressive” that crypto lasted without being hacked in the last decade.

“I think it's impressive that for the last 10-11 years, that programming has held up. It hasn't been hacked, and it has an adoption rate,” said Dalio.

He also mentioned that he owned some Bitcoin (BTC) and Ether (ETH), but when asked how much he owns, Dalio responded by saying that he doesn't hold a lot of it: “I'm very big on diversification, and it's a very small part of the portfolio."

Back in 2020, Ray Dalio’s criticisms of volatility and lack of buyer protection for crypto have been the cause of alarm for many holders. He mentioned that Bitcoin is “not very good as a store-hold of wealth.” However, at the beginning of 2021, the billionaire did a 180 on Bitcoin, calling the asset “one hell of an invention.”

In an essay that Dalio published back in January 2021, he clarified that both crypto advocates and antagonists are looking at the same thing from different angles. He said that he understands that Bitcoin has its pros and cons.

The billionaire fund manager proceeded to point out that he views crypto “as an alternative money in an environment where the value of cash money is depreciating in real terms.” He added that he still thinks that “cash is trash” as he said in previous interviews.

“Cash, which most investors think is the safest investment is, I think, the worst investment."

The billionaire's responses are more upbeat than his prior pronouncements in August that the US may ban Bitcoin and that he would prefer gold to bitcoin, which were called "FUD" by the community.

On March 25, Dalio stated that Bitcoin is likely to be prohibited in the same way that gold was forbidden in specific cases. He used the 1930s gold prohibition as an example, claiming that the same thing may happen to Bitcoin. The government didn't want gold to compete with fiat at those times because things could get "out of hand," according to Dalio.

 

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