Ray Dalio, the founding father of the world’s largest hedge fund, Bridgewater Associates, says that Bitcoin (CRYPTO: BTC) won’t be able to succeed in the $1 million mark as he thinks it won’t surpass gold.
He stated that gold continues to be a preferable “retailer maintain of wealth” because it has been “universally acknowledged as cash” for 1000’s of years, remaining the third-largest holding in central financial institution reserves across the globe.
Dalio was talking on Lex Fridman’s podcast.
Speaking in regards to the Dogecoin (CRYPTO: DOGE), Dalio stated that Tesla Inc, (NASDAQ:TSLA) CEO Elon Musk’s effort to place the meme cryptocurrency on the moon is “cute.”
Talking about Musk, Dalio stated, “He wished to take a spaceship to place a plant and a watering can on Mars [calling it] first life on Mars, as an inspiring notion.”
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“I’ve a whole lot of respect for Elon’s skill to do different issues behind it, so I might take that as symbolic, and I would be asking him what’s behind it, what’s subsequent.”
He spoke about NFTs and stated they might emerge as a standalone kind of cash. The American billionaire has up to now avoided shopping for any NFTs, however he stays curious.
Earlier this month, Dalio said that he owned some Bitcoin and Ethereum (CRYPTO: ETH), however when requested how a lot he possesses, Dalio responded by saying that he does not maintain a whole lot of it: “I am very huge on diversification, and it is a very small a part of the portfolio.”
In September, he spoke about regulators controlling Bitcoin and the way there’s a hazard that governments may destroy the crypto market or take full management of digital currencies in the event that they turn out to be too well-liked.
Photograph: Ray Dalio, Moritz Hager/World Economic Forum via Flickr
