The American Mega Investor Ray Dalio made criticisms of Bitcoin (BTC) this Thursday (2) in an interview with the program “Squawk”, presented by Joe Kernen, Becky Quick and Andrew Ross Sorkin.
In Dalio’s opinion, Bitcoin is uncorrelated with nothing and is getting disproportionate attention to what it truly deserves. He has been critical of cryptocurrency before.
“#Bitcoin has no relation to anything. It’s a tiny thing that gets disproportionate attention,” says @RayDalio on #crypto. “The value of $BTC is less than 1/3 of $MSFT stock. It’s not an effective store of wealth. But we are in a world where money as we know it is in jeopardy.” pic.twitter.com/Cc7o2TwkxG
— Squawk Box (@SquawkCNBC) February 2, 2023
“Bitcoin value is less than 1/3 of $MSFT shares [Microsoft]. It is not an effective reserve of wealth. But we are in a world where money as we know it is in danger,” she comments.
The founder of Bridgewater Associates also said in the interview that he does not believe Bitcoin will be an effective medium of exchange, nor a store of value.
However, he said he believes in a currency that is protected from inflation, as monetary policies are putting money at risk.
“I think what might work would be a currency correlated with inflation. Something that delivered buying power,” she says. For him, Bitcoin’s volatility is something that hinders the protection of purchasing power and, therefore, is not effective.
In the comments of the interview excerpt, published on Twitter, some netizens joke: “he just described Bitcoin at the end”.
Source: Moneytimes
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