Bitcoin won’t escape our scrutiny, says billionaire hedge fund founder Ray Dalio
The world’s largest hedge fund Bridgewater Associates is scrutinizing bitcoin as an alternative investment asset to bonds and currencies.
The investment management firm, founded in 1975 by Ray Dalio, publicly weighed in on bitcoin for the first time in a letter recently sent to its clients.
A long-term duration option
Dalio described bitcoin as a long-term option he is willing to bet his money on.
“Bitcoin looks like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn't mind losing about 80% of,” wrote Dalio in the note’s preamble.
He added that they are looking for alternative stores of wealth and bitcoin is on the firm’s radar.
“On the other hand, believe me when I tell you that I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets, and Bitcoin won't escape our scrutiny,” said the billionaire.
One hell of an invention
In a November interview, Dalio outlined the problems with bitcoin. However, he seems to have taken a new position after describing the leading digital currency as “one hell of an invention.”
He called the invention of bitcoin “an amazing accomplishment.”
“To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment,” said the billionaire.
He noted that there aren’t many options that can be used as alternatives to gold-like assets.
Dalio further said that there is a growing need for alternative assets due to rising debt and aggressive money printing by central banks, partly to counter the economic effects of the pandemic.
Bitcoin to fill a growing need
He suggested that there is a possibility that “bitcoin and its competitors can fill that growing need.”
Institutional investors have taken an inclination to bitcoin as a hedge against inflation. Their entry into the cryptocurrency market has given the young industry a major boost.
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