Ray Dalio Says Central Banks Won't Touch Bitcoin (BTC). VanEck's Exec Thinks He Could Be Wrong
As reported by U.Today, Bridgewater Associates co-founder Ray Dalio poured some cold water over Bitcoin at the World Economic Forum (WEF) in Davos, Switzerland, a forum uniting plutocrats from around the world. The billionaire at the helm of the world's largest hedge fund opined that central banks will keep hoarding gold instead of its digital version.
While VanEck's digital asset strategist Gabor Gurbacs thinks that Dalio could be right as of now, things could change dramatically in a few years.
"Dalio is right for now, but may not be right in a few years," Gurbacs wrote on Twitter.
Charles Hoskinson Reacts to John McAfee's X Account Suddenly Being ReactivatedJustin Sun Teases Game-Changing TRON Development Aiming to Surpass RivalsBetter Markets Files Brief to Support SEC Against RippleXRP Risks Losing Bullish Momentum, Will Shiba Inu (SHIB) Recover From Worst Move in 2025? Here's When Ethereum (ETH) Might Exit Downtrend: Price Level
Alex DovbnyaBitcoin is not money
Dalio didn't mince words when criticizing the US Dollar and the Federal Reserve by outright calling cash "trash." When it came to Bitcoin, he apparently doesn't think that Bitcoin can function as money because of its extreme volatility.
“There’s two purposes of money, a medium of exchange and a store hold of wealth, and bitcoin is not effective in either of those cases now.”
The famed American investor has been a stubborn Bitcoin critic for years. When BTC was gearing up to hit its all-time high of $20,000, Dalio played the contempt card and dismissed it as a bubble in September 2017.
That said, Dalio could have ended up on the winning side of the market if his Pure Alpha II fund had invested in BTC last year. Instead, the flagship fund only recorded a 0.5 percent gain.
Can we have both?
Dalio and his fellow gold bug Peter Schiff seem to be convinced that gold will prevail and Bitcoin will be forgotten as another speculative fad, thus exacerbating the civil war between the two camps.
However, there are also prominent investors who believe that these two assets can peacefully co-exist. Digital Galaxy CEO Mike Novogratz said that he was long both on gold and Bitcoin, in response to Dalio's doomy essay about the broken financial system.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Related articles
Tomiwabold Olajide
Denys Serhiichuk
Dan Burgin
Vladislav Sopov