Dalio recognized that cryptocurrencies have gained considerable momentum but said various assets had been competing with them. Although he partially supports BTC and altcoins, he disagrees that they can reach very high prices.
Ray Dalio, co-chairman of Bridgewater Associates and billionaire investor, recently gave opinions about the current influence of Bitcoin among securities. The American entrepreneur stated his belief that crypto assets continue to be alternative investment assets.
In September, Dalio told the CNBC television channel that cash was garbage while adopting a positive stance on Bitcoin and altcoins. However, he stressed that regulators would eventually control the pioneering cryptocurrency if it achieved widespread success.
According to the billionaire, governments do not want cryptocurrencies to succeed over fiat money. In May, he expressed his fear that the United States could find a way to repress people who own Bitcoin. However, he said that this did not imply that citizens should not diversify their investments.
Turning to Cryptocurrencies as Secondary Investment Securities
Ray Dalio talked about the growth of the crypto world, noting that he prefers traditional securities over cryptocurrencies. Although citizens seek BTC as a store of value, he believes that this asset would not be the first he would choose.
The entrepreneur recognized that cryptocurrencies had gained considerable momentum in recent years but said this is not everything. He commented that various assets had been competing with Bitcoin and other secondary securities.
He clarified that his investment interest still leans towards other assets such as gold and silver. He expressed that position while supporting the universal recognition granted to the precious metals representing money. He considers that the authorities can trace crypto assets, contrary to what many people have heard.
Dalio added that leading banks worldwide use gold, unlike what happens with cryptocurrencies. He stated that its participation as a store of value is more prominent than the volatile crypto market.
Besides, he warned that Bitcoin would have to face altcoins, considering that a growing number of crypto assets emerge. In that regard, the first cryptocurrency on the market would remain as one of many investment possibilities. He said it is part of a competition among many currencies, apart from digital ones.
Dalio Is Curious about the Performance of the Cryptocurrency Sector
The CEO of Bridgewaters Associates does not see the crypto asset environment as primary. However, he does not rule out the possibility of participating in it at some point. He expressed that he is somewhat curious about how that sector is currently performing.
Besides analyzing the behavior of leading cryptocurrencies, he also looked at other digital assets such as non-fungible tokens (NFTs). He said he was eager to buy them since he considers them real.
However, he still seems to be watching that scenario less closely, considering various assets over cryptocurrencies. He partially supports BTC and other crypto assets, but he does not believe they can reach very high prices.
While Elon Musk has attempted to boost the cryptocurrency market, Ray Dalio does not foresee prices (including Bitcoin) going to the moon. Probably, the American investor will change his mind when he realizes the long-term benefits of decentralized cryptocurrencies.
By Alexander Salazar
