Ray Dalio, a billionaire investor and manager of Bridgewater Associates, seems to be quite interested in Bitcoin, as per his latest newsletter. In the published newsletter titled “What I Think of Bitcoin,” where he calls Bitcoin a great invention. He mentioned that even after 10 years, people are highly interested in Bitcoin which is a huge accomplishment in itself.
This came out to be a surprise for everyone as Ray Dalio was never in the favour of Bitcoin. He is very well known for criticizing Bitcoin and maintaining a tough stand for the largest cryptocurrency.
In the newsletter, while showing interest in Bitcoin, Ray Dalio also mentioned that Bridgewater might consider Bitcoin for its alternative storehold. As per the newsletter:
“I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets, and Bitcoin won't escape our scrutiny.”
Ray Dalio has earlier mentioned that Bitcoin is highly volatile and believes it to be unsuitable as a storehold of wealth. According to him, his firm might be investing in Bitcoin or any other alternative asset, anytime soon.
Ray Dalio has said that Bridgewater is now taking a very close look at Bitcoin to use it as their store of value. However, nothing has been confirmed yet as the firm is only considering it. He also mentioned the potential risk with digital assets and said that one cannot be completely comfortable that digital assets can’t be hacked. For the past some time, it has been seen that a lot of traditional investors have started showing their faith in cryptocurrency and to be particular, Bitcoin. Financial giants like PayPal and MicroStrategy are also planning to invest in cryptocurrency. Bitcoin is also having a lot of institutional investors.