Ray Dalio, the billionaire CEO of a $150 billion hedge fund, has stated that he is still positive on Bitcoin. Dalio recently stated in an interview with CNBC that fiat currency is still inferior.
Ray Dalio reaffirmed his stance on Bitcoin, saying that cryptocurrencies in particular are “digital gold.” In comparison to gold, a digital gold [such as Bitcoin] has a little place.
He went on to say that the economic situation is shifting to the point where the question of what fresh money is going to appear. He went on to explain why fiat currency will not rise with the tide, claiming that its use for goods and services will dwindle over time.
His words imply, as many other cryptocurrency supporters have already stated, that the features of fiat currencies are not long-term sustainable in the same way as cryptocurrencies are.
“When I say cash is garbage,” he means that all currencies, in respect to the Euro and the Yen, will be currencies that will fall down in proportion to goods and services, just as they did in the 1930s.
He believes that easy money movement between countries, as well as currencies serving as a large store of value, will be necessary for any currency that survives.
The billionaire’s Bitcoin convictions go all the way back to May of 2021. The billionaire claimed to holding Bitcoin but then admitted that the cryptocurrency was too volatile despite his ownership.
Coindesk revealed in March 2022 that the billionaire has purportedly been putting a small sum in a cryptocurrency fund. Ray Dalio’s story is similar to that of many others who were first skeptical of Bitcoin before becoming early adopters.