The famous analyst Ray Dalio explained his stance on Bitcoin. Ray Dalio, known for his praise of the gold mine, is neither down nor overly bullish in Bitcoin. Ray Dalio explains that he is neither an angry bull nor a bear when it comes to Bitcoin. Detail Cryptocoin. com
Gold or Bitcoin?
The American billionaire changed his stance on Bitcoin last year, revealing that he holds some. Dalio, who remains a big advocate of diversification, said it’s harder to compete in markets than it is at the Olympics. Dalio says that both bigots and “thoughtful” people are part of the Bitcoin community. The famous analyst reiterated that he was impressed by the fact that BTC managed to survive the test of time. But he warned of some of the risks Bitcoin faces. First of all, he believes that a new alternative may emerge, as everything eventually wears out due to the nature of evolution.
He predicts that more money could flow into non-exchangeable tokens and other cryptocurrencies for diversification purposes. Dalio has yet to tinker with NFTs, but the latest crypto craze seems to have him intrigued. The analyst warned once again that governments could ban Bitcoin, just as they used to ban gold and silver, adding, “Once you have an alternative currency, it is a threat to any government. Every government wants a monopoly in its currency,” he said. Finally, he also mentioned the proliferation of ransomware and malware as another problem plaguing Bitcoin. Ray Dalio does not think that BTC will reach $ 1 million, as he does not think that it will surpass gold. He estimates that the pioneer cryptocurrency is worth about 20 percent of gold, and therefore he is right in his thinking. 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.