Billionaire Ray Dalio, who founded leading hedge fund Bridgewater Associates, said that Bitcoin had proven itself during the Texas A&M’s Bitcoin Conference:
Bitcoin has proven itself... as money with imputed value.
He reiterated that the largest cryptocurrency had never suffered a hack while adding that its adoption continues to grow.
The legendary hedge fund manager claims that investors are not supposed to be focused on one thing. Instead, they should strive to diversify their portfolios with Bitcoin because "it's got merit."
Individuals should not be so focused on one magical thing, but what is the thing that can have a diversifying impact on your portfolio.
Dalio also doubled down on his criticism of government bonds and cash, advising investors against holding these assets:
Why the hell are you holding that? How much cash do you have? Why the hell are you holding that?
Other high-profile participants
Apart from Dalio, the Bitcoin conference featured a slew of other high-profile speakers, including venture capitalist Tim Draper, MicroStrategy CEO Michael Saylor, Rob Kaplan of the Federal Reserve Bank of Dallas, and hedge fund manager Bill Miller.
Miller donned a Bitcoin hat that could rival Draper's famous Bitcoin tie.