World’s Largest Hedge Fund Bridgewater Has Crypto Plans — Founder Ray Dalio Calls Bitcoin ‘One Hell of an Invention’ – Featured Bitcoin News

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The founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund company, has clarified his view on bitcoin and cryptocurrency. Ray Dalio also reveals that he and his colleagues at Bridgewater are “focusing heavily on alternative asset storage”.

Ray Dalio, founder of Bridgewater, admires Bitcoin

Ray Dalio, Founder and Chief Investment Officer of Bridgewater, has clarified his take on Bitcoin and revealed what his company has in store for cryptocurrency. With approximately $ 140 billion in assets under management, its hedge fund is the largest in the world. AICIO Magazine and Wired Magazine have named Dalio the “Steve Jobs of Investing” and TIME Magazine named him one of the 100 Most Influential People.

In a research report posted on the Bridgewater Associates website on Thursday, Dalio wrote, “I am writing this to clarify what I think of Bitcoin. Please pay attention to what I am saying here and not what the media is saying because it is reliable. “

At first, he admitted that he is not an expert on bitcoin or cryptocurrency. “Even so, people are demanding that my non-professional assessment of Bitcoin and clarifications in my own words are better than media distortions. Therefore, it is presented here with a warning not to rely on it,” Dalio said, explaining:

I think Bitcoin is a damn good invention. To have invented a new type of money through a system programmed into a computer that has worked for about 10 years and is rapidly gaining popularity as a type of money and store for wealth is an amazing accomplishment.

Stressing the current need for “alternative gold-like assets”, Dalio stated, “Because there aren’t many of these gold-like inventories of assets that can be held privately, and because the size of their markets there is relatively small, there is a possibility that Bitcoin and its competitors can meet this growing demand. “

The Bridgewater founder commented: “It seems to me that Bitcoin has managed to cross the line from a highly speculative idea that could not exist in a short period of time to one that is possible and probably also possible in the future.”

He went on to say, “I really admire the way Bitcoin has stood the test of 10 years, not only in that regard, but also in terms of how its technology works so well and has not been hacked.” Nonetheless, the Bridgewater executive warned that those who “own digital / cyber assets at a time when cyber crime is much stronger than cyber defense, cyber risk is a risk that I cannot ignore”.

In conclusion, Dalio said Bitcoin looked to him “like a long-term option for a highly unknown future into which I could put an amount of money I would like to lose 80% of”. He concluded, “This is what Bitcoin looks like to this non-expert. I aim to be corrected and learn more. “

Believe me when I tell you that I and my colleagues at Bridgewater are focusing heavily on alternative asset safekeeping.

Dalio continued, “Expect Bridgewater to soon offer an alt cash fund and an asset fund to better cope with the devaluation of money and credit that we see as a great risk and opportunity, and Bitcoin will not escape our exam. “The head of Bridgewater made it clear that by the word” Bitcoin “he meant” Bitcoin and its analogue competitors “.

Dalio recently talked more about Bitcoin. In November, he admitted that he might have been wrong about the cryptocurrency but still had doubts. In December, he said Bitcoin could be an alternative to gold.

What do you think of Ray Dalio’s view of Bitcoin? Let us know in the comments below.

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