Ray Dalio, the creator of the world’s biggest hedge fund, Bridgewater Associates, states that Bitcoin (CRYPTO: BTC) will not have the ability to reach the $1 million mark as he believes it will not go beyond gold.
He stated that gold is still a more effective “store hold of wealth” given that it has actually been “universally recognized as money” for countless years, staying the third-largest holding in reserve bank reserves around the world.
Dalio was speaking on Lex Fridman’s podcast.
Talking about the Dogecoin (CRYPTO: DOGE), Dalio stated that Tesla Inc, (NASDAQ: TSLA) CEO Elon Musk‘s effort to put the meme cryptocurrency on the moon is “adorable.”
Speaking about Musk, Dalio stated, “He wished to take a spaceship to put a watering and a plant can on Mars [calling it] very first life on Mars, as a motivating idea.”
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” I have a great deal of regard for Elon’s capability to do other things behind it, so I would take that as symbolic, and I’d be asking him what’s behind it, what’s next.”
He discussed NFTs and stated they might become a standalone kind of cash. The American billionaire has actually up until now avoided purchasing any NFTs, however he stays curious.
Earlier this month, Dalio stated that he owned some Bitcoin and Ethereum (CRYPTO: ETH), however when asked just how much he has, Dalio reacted by stating that he does not hold a great deal of it: “I’m huge on diversity, and it’s a really little part of the portfolio.”
In September, he spoke about regulators managing Bitcoin and how there is a threat that federal governments might damage the crypto market or take total control of digital currencies if they end up being too popular.
Photo: Ray Dalio, Moritz Hager/World Economic Forum by means of Flickr
