The recent successes of the leading cryptocurrency, Bitcoin, has been admired by all. From many nations adopting the cryptocurrency to institutional investors turning to the digital asset to invest their reserves and several individuals turning to the cryptocurrency as a store of value better than fiat currencies, Bitcoin has become the toast of all.
The latest news surrounding the digital assets is now that of former critics, who are now re-evaluating their stance with the cryptocurrency. The chairman of Bridgewater Associates, Ray Diallo, a well-known critic of the cryptocurrency, has now joined the list of individuals who have made a U-turn on their stance on cryptocurrency.
“I might be a believer now, but not yet an analyst,” Dalio says
The Billionaire investor and hedge fund manager, Dalio, has in the past joined skeptics like Jack Ma, Bill Gates, and Co., who believe that the digital assets might be a bubble that would not last long. The new statement of the business mogul now echoes otherwise. He feels that digital assets could upset traditional assets like Gold to be the most preferred method of storing wealth.
The investor warned his followers that he isn’t a crypto analyst in his official blog post on his company’s website, had indulged them in taking a critical look at the progress of the cryptocurrency in the last 12months, and they would see that it is gradually becoming the go-to place for investors to reap massive profits. In the post, Dalio also sights the fact that cryptocurrencies like Bitcoin can be bought in small quantities compared to Gold, which mostly requires large investments, and that is a stronghold of growth for the market.
He also feels like the devaluation of many fiat currencies and the growing inflation in many nations have now forced many individuals to cryptocurrencies. The government might start to look at the digital assets keenly, especially because of its recent successes and overall preference for investments like treasury bills, bonds, and stocks.
Dalio needs more understanding, and he is ready to invest
The hedge fund manager has also weighed on his personal opinion that he believes that a new digital asset could upscale Bitcoin. He believes that the new assets might come with a better feature than Bitcoin, just a one-way movement. The security of the assets is also a concern to the Billionaire, who feels that many investors are wary of the cryptocurrency hacks.
Since they don’t want to acquire losses, they would be cautious around the investment. The businessman also publicly asked for further help from a knowledgeable crypto analyst about the cryptocurrency. In his closing remarks, Dalio confirmed that he is now ready to commit funds to Bitcoin.
He also confirmed that his company might also be committing part of its treasury to the cryptocurrency. The news is a good one for the cryptocurrency space, particularly Bitcoin, which has recently become the toast of many institutional investors.