- Bridgewater Associates Founder and philanthropist Ray Dalio expressed openness to Bitcoin, saying he “would love” to be corrected.
- According to Dalio, Bitcoin isn’t a good medium of exchange, as well as a store-hold of wealth.
- Twitter users replied to his tweets, attempting to change Dalio’s opinion about Bitcoin.
Bridgewater Associates Founder and philanthropist Ray Dalio expressed openness to Bitcoin, saying he “would love” to be corrected.
In a series of tweets, Dalio said that he might be missing something about the cryptocurrency.
I might be missing something about Bitcoin so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple… (1/5)
— Ray Dalio (@RayDalio) November 17, 2020
Ray Dalio expressed misgivings about Bitcoin
The above tweet was Dalio’s reply to a user behind the Twitter handle @Dr_Mario_MD. Apparently, the latter said that Dalio’s current opinion on BTC “clearly reflects a lack of deep insight”. Hence, the hedge fund guru sent five tweets in reply.
According to Dalio, Bitcoin isn’t a good medium of exchange, as well as a store-hold of wealth. Due to its volatile nature, Bitcoin may find it difficult to gain the adoption of many. Also, Dalio said that even if Bitcoin debunks his perception, government institutions will outlaw it. Finally, he “can’t imagine” that central banks, massive institutional investors, businesses, and conglomerates would use it.
Hence, he will wholeheartedly accept correction about these things if he is wrong.
Dalio asked; Twitter obliged
Consequently, various Twitter users replied to his tweets, pointing out that BTC is not “consistently correlated” to any asset. Twitter handle @TezosXrp2023 also urged Dalio to look at the last 10-year inflation and overlap with the US dollar’s purchasing power.
Then @TezosXrp2023 added,
…now overlap those charts with Bitcoin’s purchasing power over the last 10 years; your statement could not be further from the truth!
Others also weighed in on the issue, discussing the volatility, risk-reward correlation, and more. Nevertheless, others expressed relief that Dalio expressed the openness “to the possibility of understanding the potential of digital currencies.”