Feb 03, 2023
Dalio: Fiat Currency in “Jeopardy”, Bitcoin Not a Solution
Ray Dalio, billionaire investor and founder of hedge fund firm Bridgewater Associates, recently expressed his views on fiat currency and Bitcoin (BTC) on CNBC’s Squawk Box. He believes that fiat currency is in serious “jeopardy” as an effective store of wealth and that Bitcoin is too volatile to be a viable solution.
“We are in a world in which money as we know it is in jeopardy. We are printing too much, and it’s not just the United States, it is all the reserve currencies,” Dalio said.
He went on to explain that he doesn’t believe stablecoins are an effective form of money either. Instead, he proposed the creation of an “inflation-linked coin” that would secure consumers’ buying power.
“The closest thing to that is an inflation index bond, but if you created a coin that says OK this is buying power that I know I can save in and put my money in over a period of time and transact in anywhere, I think that would be a good coin,” he said.
However, not everyone agreed with Dalio’s views. Digital asset manager Eric Weiss of Bitcoin for Family Officers argued that such a coin couldn’t exist, while ARK Invest CEO Cathie Wood referred to Bitcoin as a defense against wealth confiscation in parts of the developing world.
Dalio’s views on Bitcoin have changed over time. In May 2021 he said he would rather buy BTC over bonds, but a few months later he stated that he still prefers gold.
The billionaire investor has suggested that BTC should make up 1-2% of an investors portfolio, but he has also stepped down as Bridgewater’s co-chief investment officer.
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