Bridgewater Associates head Ray Dalio recently appeared on Lex Fridman’s podcast. This hour-long interview covers a range of topics ranging from the demise of Empires to Bitcoin, NFT, and even the DOGE-Musk relationship.
Bitcoin – like it or not like it?
Bitcoin, the largest cryptocurrency, has come a long way. The development of the largest cryptocurrency is impressive. Credentials have been enhanced with various upgrades, as well as institutional and introductory requirements. The hedge fund owner was also impressed.
He regards Bitcoin as “Altcoin” and reiterates that it has reached a status of latent value. However, this will not prevent or prevent BTC from increasing competition. A battle of jokes between currencies devalued as rampant money printing. Needless to say, the executive added:
“Bitcoin is part of this competition, but there will be a lot of money (not just crypto)”
This is a different story. Dalio even goes so far as to say that non-fungible tokens can also share this ceiling.
Count me in
NFTs enjoyed tremendous popularity earlier this year. Because of this, he believes that non-fungible tokens can become a currency in their own right. The US billionaire has so far refrained from buying NFTs, but remains curious, as he says,
“I definitely want to buy NFT … This thing (NFT) happens, it’s real …”
But his priorities remain the same.
Gold remains the preferred “store of wealth” as it has been “widely recognized as money” for thousands of years. “Gold is still my favorite,” he said. He pointed out a number of advantages gold has over its digital cousin.
“You can’t track it (gold). For BTC, you can keep track of who owns it, etc. “
It is also the third largest central bank reserve fund in the world.
BTC hits a million?
Dalio doesn’t see Bitcoin hitting the $ 1 million mark. “That’s not really possible,” he said. According to his analysis, the leading cryptocurrency is worth around 20% of gold (excluding central bank holdings and jewelry). Because of this, Bitcoin or even crypto won’t be able to outperform gold.
The crypto market is currently around $ 2.4K, while Bitcoin is hovering near the 1T mark. This is similar to gold ($ 5T) – it looks like a change of mandate.
But that doesn’t mean it’s impossible. At the time of writing, the current numbers look like this.
https://twitter.com/VersusBtc/status/1474896999531089921?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener” data-wpel-link=”externalMUSK + DOG
Well, he doesn’t comment much on this, but does mention that he thinks Tesla CEO Elon Musk’s attempt to send the Dogecoin meme cryptocurrency to the moon is “sweet”. To be fair, he joked about Musk’s vision of taking DOGE to the moon.
It’s important to note, however, that Musk hasn’t joked about sending Dogecoin to the moon in the past.