Billionaire investor Ray Dalio, curious about NFTs, says Bitcoin is an ‘alternative currency’

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Head of Bridgewater Associates, Ray Dalio recently appeared on the Lex Fridman podcast. This hour-long interview covered topics ranging from the collapse of Empires and Bitcoin, to NFTs and even the DOGE-Musk relationship.

Bitcoin – Thumbs Up or Down?

Bitcoin, the largest cryptocurrency has come a long way. The evolution of the largest cryptocurrency has been impressive. Various upgrades associated with institutional demand and adoption have been added to the credentials. The boss of the hedge fund was also impressed.

He views Bitcoin as an “alternative currency”, reiterating that it has achieved imputed value status. That said, it won’t save or protect BTC from the growing competition. A standoff between different types of currencies due to the depreciated value of 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 money)”

Here is a different story. Dalio goes so far as to say that non-fungible tokens could share that cover as well.

Count on me

NFTs saw a huge increase in popularity earlier this year. That’s why he thinks non-fungible tokens could become a stand-alone type of money. The US billionaire has so far refrained from buying NFTs, but he remains curious, as he puts it,

“I absolutely want to buy NFTs… This stuff (NFT) happens, it’s real…”

But its priority remains the same.

Gold is still a preferable “store of wealth” since it has been “universally recognized as money” for thousands of years. “Gold is still my favorite,” he says. He identified a few advantages that Gold has over its digital cousin.

“You can’t trace it (Gold). For BTC, you can track it, who owns it, etc.

In addition, it is the third largest central bank reserve holdings in the world.

Will BTC hit the million mark?

Dalio doesn’t see Bitcoin hitting the million dollar mark. “It’s not really possible,” he said. According to his analysis, the flagship cryptocurrency is worth around 20% gold (excluding central bank ownership and jewelry). This is why Bitcoin or even cryptocurrencies will not overtake gold.

The cryptocurrency market currently stands at around $ 2.4T as Bitcoin hovers near the $ 1T mark. This versus gold ($ 5T) – it looks like a shake up of a task.

But that doesn’t mean it’s impossible. At the time of writing, this is what the current numbers look like.

MUSK + DOGE

Well, he hasn’t commented much on that, but he does mention that he finds Tesla CEO Elon Musk’s efforts to put Dogecoin cryptocurrency on the moon “cute”. Just to say, he joked around Musk’s vision for DOGE to reach the moon.

Still, it’s important to note that Musk wasn’t exactly joking about sending Dogecoin to the Moon before.



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