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Home Bitcoin

Bitcoin is like a ‘younger generation’s alternative to gold’

by Crypto News
December 17, 2021
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Bitcoin is like a ‘younger generation’s alternative to gold’
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Billionaire investor Ray Dalio is impressed with bitcoin, the biggest cryptocurrency by market worth, and its blockchain.

“It has been an incredible accomplishment for bitcoin to have achieved what it has executed, from writing that program, not being hacked, having it work and having it adopted the way it has been,” Dalio, founding father of the world’s largest hedge fund, Bridgewater Associates, told MarketWatch on Wednesday.

“I imagine within the blockchain expertise. There’s going to be that revolution, so it has earned credibility.”

Dalio reconfirmed that he owns “just a little bit” of bitcoin, calling it “virtually a youthful era’s different to gold,” he stated. “Bitcoin is like gold, although gold is the nicely established blue-chip different to fiat cash.”

Equally, bitcoin supporters see the asset as a digital gold, a store of value and a hedge against inflation.

“It has no intrinsic worth, but it surely has imputed worth, and it has subsequently some advantage,” Dalio stated.

By design, there’s a restricted provide of bitcoin. This shortage is central to why bitcoin bulls argue for holding the cryptocurrency long-term — as demand will increase and provide declines, its worth may theoretically respect.

Nonetheless, Dalio continues to be concerned about the potential for governments outlawing it.

“Bitcoin has plenty of different points. If it is a menace to governments, it is going to in all probability be outlawed in some locations when it turns into comparatively enticing,” he stated. “It is probably not outlawed in every single place. I do not imagine that central banks or main establishments may have a major quantity in it.”

However, specialists say it would be fairly troublesome for a authorities to successfully ban bitcoin.

“I do not suppose even a concerted effort amongst completely different nations and completely different central banks may truly shut down bitcoin,” James Ledbetter, editor of fintech e-newsletter FIN and a CNBC contributor, beforehand instructed CNBC Make It. “I do not suppose that is technologically potential. However there are methods that bitcoin may very well be regulated.”

Nonetheless, “I am not an skilled on bitcoin,” Dalio instructed MarketWatch, “however I feel it has some advantage as a small portion of a portfolio.”

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Do not miss: Billionaire Ray Dalio says he owns bitcoin, and its ‘greatest risk is its success’



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