Bridgewater Associates’ billionaire manager changed his tune about Bitcoin as it looked like and called it “one hell of an invention.”
Is Ray Dalio, a billionaire investor, will finally invest in Bitcoin after taking so long denominating it? If his latest newsletter is something to go by, it might be possible.
In a note published recently, “What I think of Bitcoin,” Dalio, who runs the world largest hedge fund, Bridgewater Associates, stated that the cryptocurrency is “one hell of an invention.” He also stated that the fact investors are still interested in the currency, ten years after it has been conceived, is “an amazing accomplishment.”
Dalio continued: “… I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets, and Bitcoin won’t escape our scrutiny.”
The hedge fund manager has been through a long way ever since he stated that Bitcoin was “so volatile” and is therefore unsuitable as a store hold of wealth; just last year, Dalio stated that governments would probably outlaw the currency.
He isn’t the only one who has voiced their opinions: just this week, ex-Goldman Sachs CEO Lloyd Blankfein stated that regulators are likely getting ready to handle Bitcoin.
However, Dalio hinted today that Bridgewater would consider investing in it – or other similar alternative assets.
“I am eager to be corrected and learn more,” the note reads after Dalio stated that the asset could probably lose 80% of its value. Nevertheless, the famous investor confirmed that Bridgewater is taking a closer look at Bitcoin as a potential alternative store of value.
Dalio added that he was worried about the potential of Bitcoin hacks, stating that “it would be naive to be comfortable that digital assets cannot be hacked, which is one of the advantages of gold-like assets and it is one of the risks of all financial assets.”
Dalio is the latest traditional finance mogul to show interest in Bitcoin as a haven bet or protection against the dollar’s debasement.
With tech companies like PayPal and MicroStrategy, hedge funds and asset managers have been keeping a close eye on, or investing, in the cryptocurrency.
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