During “ask me anything” event Ray Dalio compared Bitcoin to gold like asset and said it has place in every investor’s portfolio.
Raymond Thomas Dalio is an American billionaire hedge fund manager and philanthropist who has served as co-chief investment officer of the world’s largest hedge fund, Bridgewater Associates since 1985. Ray has not been very bullish about Bitcoin in the past and on several occasions has mentioned that the digital currency had many weaknesses, however seems like the billionaire has changed his mind.
Here is his direct quote: “I think that bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth. So it could serve as a diversifier to gold and other such storehold of wealth assets. The main thing is to have some of these type of assets, including stocks, in one’s portfolio and to diversify among them. Not enough people do that.”
Ray Dalio is not the only billionaire who has been calling Bitcoin a good investment lately. Institutional investors are becoming more and more interested in cryptocurrency and it had an amazing effect on the price. BTC has reached its record high price by the end of November, gaining more than 150% year to date. However, for some investors, the price still has a long way to go.