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Bitcoin can offer protection against the “depreciating value of money,” newly bullish BTC investor Ray Dalio says.
In a Reddit “Ask Me Anything” session on Dec. 8, Dalio, who last month abandoned his skepticism of Bitcoin, said that the cryptocurrency could complement gold as an investment.
“I think that Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth,” he wrote.
“So it could serve as a diversifier to gold and other such storehold of wealth assets.”
Dalio shed light on his opinion of various aspects of the global economy, including the United States’ current position, China and the state of fiat currency.
Continuing, he argued that money printing would spur asset inflation, implying that simply holding wealth in cash would lead to losses.
“We are in a flood of money and credit that is lifting most asset prices and distributing wealth in a way that the system that we’ve come to believe is normal is unable to, and that is threatening to the value of our money and credit,” he warned.
“Most likely that flood will not recede, so those assets will not decline when measured in the depreciating value of money. It is important to diversify well in terms of currencies and countries, as well as asset classes.”
His perspective conspicuously mimics that of Bitcoin proponents, notably Michael Saylor, CEO of MicroStrategy, who is guiding the company toward BTC reserves of nearly $1 billion.
Saylor, in an interview with The Bitcoin Standard author Saifedean Ammous in September, stressed that asset inflation was far outstripping that of cash, and that large paper money holdings were thus akin to a “melting ice cube.”
Dalio thus departs further and further from the Bitcoin-skeptic position he held just weeks ago, which began to thaw when he admitted that he “may be missing something” about its true nature. Nonetheless, he stopped short of advocating a “full Bitcoin” portfolio.
“The main thing is to have some of these type of assets (with limited supply, that are mobile, and that are storeholds of wealth), including stocks, in one’s portfolio and to diversify among them. Not enough people do that,” he reasoned.
On the topic of gold, Dalio was more opaque. Choosing between the precious metal and Bitcoin would depend on central banks’ behavior.
“As far bitcoin relative to gold, I have a strong preference for holding those things which central banks are going to want to hold and exchange value in when they are trying to transact,” he concluded.
In other trending Bitcoin News today:
Bitcoin Plunges Below $18,000 – Here Are The Levels To Watch Next
Bitcoin fell below $18,000 on Dec. 9 in the latest continuation of its bearish comedown from all-time highs.
At press time, new lows near $17,600 were appearing, with 24-hour losses totaling more than 7%.
The situation was tenuous for Bitcoin after support was lost higher up, with exchange data showing buyer interest only lined up in significant amounts at $16,200. Converse selling pressure had provided an instant rejection at close to $20,000 last week.
“Third test of support and breakdown,” summarized Cointelegraph Markets analyst Michaël van de Poppe to his Twitter followers on Wednesday.
“Testing levels multiple times doesn’t make the level stronger. Downtrend likely to continue? I think so, unless $18,500–18,700 is reclaimed, I think we’ll continue correcting.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Averaged out, Bitcoin has 10x’d every 2 years.2008 .012010 .102012 1.002014 10.002016 100.002018 1000.002020 10,000.00
h/t @FreakieF
— Dan Held (@danheld) December 8, 2020
Citi downgraded MicroStrategy because of its plan to accumulate a significant amount of #Bitcoin in its corporate treasury.
Never forget this is one of the ratings agencies that rated subprime mortgages AAA right before the housing market crashed and destroyed the global economy
— Vijay Boyapati (@real_vijay) December 9, 2020
BIG UPDATE: @RayDalio, Founder of Bridgewater (world’s largest hedge fund) just said in Reddit AMA: “I think that #Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives.”https://t.co/0yqia9frvy
— Cameron Winklevoss (@cameron) December 8, 2020
Watch how traders, shitcoiners and weak hands transfer their #bitcoin to strong hands like Grayscale, Paypal, Square, MicroStrategy etc. These BTC will disappear from the market and go into deep cold storage and stay there for years. pic.twitter.com/McpnqEelV0
— PlanB (@100trillionUSD) December 8, 2020
Third test of support & breakdown. Testing levels multiple times doesn’t make the level stronger.
Downtrend likely to continue? I think so, unless $18,500-18,700 is reclaimed, I think we’ll continue correcting. $BTC
— Michaël van de Poppe (@CryptoMichNL) December 9, 2020
https://cointelegraph.com/news/bitcoin-plunges-below-18-000-here-are-the-levels-to-watch-next
https://cointelegraph.com/news/a-flood-of-money-and-credit-ray-dalio-new-bitcoin-praise-echoes-microstrategy
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