The founder of Bridgewater Associates, billionaire Ray Dalio, has announced his intention to invest in the leading cryptocurrency amidst an impending debt crisis. This was reported by SCMP.
“I want to stay away from debt assets like bonds and hold some hard money, such as gold and bitcoin,” he said during an appearance at the Abu Dhabi Finance Week event.
The investor noted that the debt of the US, China, and other major economies, except Germany, has grown to “unprecedented levels.”
“These countries will not be able to avoid a debt crisis in the coming years, which will lead to a significant decline in the value of [fiat currencies],” Dalio believes.
According to him, “money, debt, and the economy” are part of the five major forces that will “determine everything.” Among the other factors, he mentioned the internal order of countries, which defines differences in wealth and values, as well as geopolitical dynamics arising from conflicts like the tensions between the US and China.
In 2022, Dalio stated that bitcoin serves as a good hedge against inflation, but not a complete alternative to gold.
In February 2023, he expressed doubts about the ability of the leading cryptocurrency to replace fiat as a means of saving and exchange. Later, he admitted to owning bitcoin but prefers gold.
Back in the presidential campaign, elected US President Donald Trump suggested using the leading cryptocurrency to address the national debt issue.