Billionaire Ray Dalio admits he may have been wrong about Bitcoin

Ray Dalio, founder of Bridgewater Associates, admitted that he could be mistaken about Bitcoin. The billionaire posted a series of tweets amid growth in the price of the first cryptocurrency.

I might be missing something about Bitcoin so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple… (1/5)

— Ray Dalio (@RayDalio) November 17, 2020

“I might be missing something about Bitcoin,” Dalio wrote.

He attributed his scepticism about Bitcoin to its high volatility. In his view, the cryptocurrency cannot serve as a reserve currency for central banks or be used by large institutional investors.

“If I’m mistaken about this, I’d like to be corrected,” added the founder of Bridgewater Associates.

Users welcomed Dalio’s willingness to admit a mistake. Meltem Demirors, CoinShares’ chief strategy officer, called Bitcoin a savings technology.

Ray — love the engagement! bitcoin is the separation of money and state. it’s a savings technology at its core, and the bitcoin network is more like FedWire, but can be extended to cover payments with layer 2’s like Lightning Network just like payments co’s / banks do w/ Fedwire.

— Meltem Demirors (@Melt_Dem) November 17, 2020

BlockFi CEO Zac Prince noted Dalio’s openness to learning. He published a series of messages in response to the billionaire’s position.

1/ As a long time @RayDalio fan, I’ve been so disappointed with his take on #btc. It seems based on a recent tweet that he is open to learning, so I had to write down some concise and thoughtful notes for each of his \”problems with Bitcoin being an effective currency\”

— Zac Prince (@BlockFiZac) November 17, 2020

Earlier, the founder of Bridgewater Associates stated doubts about Bitcoin’s prospects. In his view, if Bitcoin were to gain traction, governments would outlaw the digital asset.

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