The investor and billionaire Ray Dalio told Chris Williamson in a podcast that he owns Bitcoin, but prefers gold.
“I don’t understand why people are leaning more towards Bitcoin than gold. On an international level, gold is the third-largest reserve asset for central banks. First the dollars, then the euros, gold and the Japanese yen,” he said.
In Dalio’s view, the precious metal is “timeless and universal.” Meanwhile, Bitcoin demands close attention from investors because of its volatility, he added.
“You must be prepared for its significant drop of around 80%,” the investor warned.
Earlier, Dalio doubted Bitcoin’s ability to replace fiat currencies. In May 2022, the billionaire said that the first cryptocurrency is a good hedge against inflation, but not a full-fledged alternative to gold.
In April 2023, the author of the bestseller ‘Rich Dad, Poor Dad’ and entrepreneur Robert Kiyosaki predicted Bitcoin would rise to $100,000.
According to Galaxy Digital CEO Mike Novogratz, the price of the first cryptocurrency would reach the $40,000 level, when the U.S. Federal Reserve begins cutting the key rate.