Billionaire Ray Dalio, the founding father of the world’s largest hedge fund, Bridgewater Associates, has reiterated his warning that governments might outlaw bitcoin. “In historical past, they’ve outlawed gold and so they’ve outlawed silver and so forth, and so they might outlaw bitcoin,” he burdened.
Ray Dalio Continues to Warn About Governments Outlawing Cryptocurrency
Bridgewater Associates founder Ray Dalio talked about bitcoin as he reiterated his warning that governments might outlaw the cryptocurrency on the Investor’s Podcast Network, revealed Saturday. Dalio presently serves as Bridgewater Associates’ chairman and co-chief funding officer. His agency’s shoppers embrace endowments, governments, foundations, pensions, and sovereign wealth funds.
Dalio warned that “there are regulatory points” surrounding bitcoin. “When you’ve gotten another forex, that’s a risk to each authorities,” he elaborated. “Every authorities needs a monopoly in their very own forex and notably when you get a greater forex as a result of it doesn’t get devalued.” Dalio added:
In historical past, they’ve outlawed gold and so they’ve outlawed silver and so forth, and so they might outlaw bitcoin.
Nonetheless, Dalio admitted that he has a small quantity of bitcoin in his portfolio for diversification. “I’m Mr. diversification,” he stated. The Bridgewater Associates boss additionally just lately revealed that he additionally owns some ether (ETH).
Commenting on the advice by one other well-known fund supervisor, Bill Miller, who stated that traders ought to maintain about 1% to 2% of their portfolio in bitcoin, Dalio stated, “I believe that’s proper.”
Despite the concern that governments could ban bitcoin, Dalio opined:
It’s very spectacular that this idea was programmed one thing like 10, 11 years in the past and has stood the check of time.
The billionaire beforehand stated he doesn’t consider that bitcoin will change gold as some individuals have advised. He additionally doesn’t consider that the value of BTC might attain a really excessive quantity similar to $1 million.
In distinction, Microstrategy CEO Michael Saylor has repeatedly stated that bitcoin will change gold. The pro-bitcoin govt additionally expects the value of BTC to succeed in $6 million. In addition, fund managers are more and more opting to spend money on bitcoin over gold, seeing the cryptocurrency as a greater retailer of worth.
The Bridgewater Associates founder has warned about governments banning bitcoin for fairly a while. In September final 12 months, he stated that regulators will kill bitcoin if it turns into “actually profitable.” In addition, he stated in May final 12 months that the success of cryptocurrencies might deliver robust rules. For instance, he famous regulators might impose “stunning” taxes on digital forex.
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