21:06Ray Dalio does 180 on Bitcoin, calls it ‘one hell of an invention’
The founder of Bridgewater Associates admits Bitcoin and cryptocurrencies could be a viable hedge against inflation.
Ray Dalio, the famed founder of Bridgewater Associates, called Bitcoin (BTC) “one hell of an invention,” adding that he’s considering digital-asset investing for clients wishing to protect against currency debasement.
In a note to clients that was obtained by Bloomberg News, Dalio called Bitcoin’s store of value characteristics an “amazing accomplishment” and one of the few “alternative gold-like assets at this time of rising need for them.”
Like other hedge fund managers, Dalio has been critical of Bitcoin in the past. In November, he criticized BTC for its excess volatility, claiming that it could never be an effective medium of exchange or store of value. He quickly retracted his statement as Bitcoin’s price surged towards all-time highs.
“I might be missing something about Bitcoin so I’d love to be corrected,” he said in a Nov. 17 tweet.
In his note to clients, Dalio admitted that Bitcoin has succeeded in “crossing the line” from a speculative idea to an asset with real value. He indicated that Bridgewater is focused on providing alternative stores of value via alt-cash funds that can protect investors from currency devaluation.
“Bitcoin won’t escape our scrutiny,” he said.
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