After admitting that he might be wrong about bitcoin (BTC) and suggesting that BTC may be a good asset for one to diversify their investment portfolio, Ray Dalio, American billionaire investor and founder of major global investment firm Bridgewater Associates, just sent an even stronger signal that this major asset manager is eyeing the most popular cryptocurrency.
“Believe me when I tell you that I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets and expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and Bitcoin won’t escape our scrutiny,” Dalio reportedly said in his newsletter to clients today. Excerpts of this confidential report were shared by Raoul Pal, Founder and CEO of Global Macro Investor and Real Vision Group. Popular crypto researcher Hasu has also shared several excerpts.
According to Hasu, Dalio challenges the idea that Bitcoin is as scarce as people think, since there is an unlimited number of “Bitcoin-like assets”. More innovative coins can probably carve out their own demand, and arguably we are already seeing that today.
“Though Dalio knows about the ability to hold coins in cold storage, he’s still concerned about the ability to shield them against cyber attacks and hold them securely. He warns that increasing digitization also increases systemic risk,” Hasu added.
The researcher said he fully agrees with the statement that Bitcoin’s Achilles heel is its lack of privacy.
“Bitcoin looks like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80% of,” according to Dalio.
At the time of writing (15:18 UTC), BTC trades at USD 31,800 and is up by almost 7% in a day, trimming almost all its losses over the past week. The price is up by 19% in a month and 241% in a year.
Join our Telegram Channel? Click Here.