Bridgewater Associates president Ray Dalio talked about many topics such as Dogecoin (DOGE), Bitcoin (BTC), NFTs in a program he attended. Among them, the DOGE efforts of Tesla CEO Elon Musk came to the fore. Cryptocoin. com we are conveying the details…
Ray Dalio: Elon Musk’s DOGE effort is “cute”
Hedge fund legend Ray Dalio, who participated in Lex Fridman’s podcast, described Tesla CEO Elon Musk’s effort to put the meme coin Dogecoin on the moon as “cute”. With this effort, Dalio refers to the mission of SpaceX, Musk’s aerospace-focused company, to send a 40-kilogram satellite called DOGE-1 to the moon next year, by paying with Dogecoin in May.
Dalio, on the other hand, claims that the largest cryptocurrency Bitcoin is an “altcoin”. According to Dalio, BTC could have a comparable value. He predicts that there will be competition between different currencies due to widespread printing of money. “Bitcoin is part of this competition, but there will be more money (not just cryptocurrencies),” he says. Dalio thinks NFTs could emerge as a standalone type of money, which saw a tremendous surge in popularity earlier this year. The American billionaire has so far refrained from buying any NFTs, but he remains curious.
Dalio does not think that BTC will reach $ 1 million, as he does not think that it will surpass gold. He estimated that the pioneer cryptocurrency is worth about 20 percent of gold, and therefore he says he was right. Dalio states that gold is still the preferred store of value, as it has been considered a revolving currency for thousands of years and is the third-largest asset in central bank reserves. He also states that it is a plus that it cannot be tracked.