Ray Dalio, Bridgewater Associates founder, provides his thoughts on bitcoin’s “highly speculative” currency market.
Ray Dalio, founder of the largest hedge fund in the world, thinks there is a bubble in the bitcoin market.
Dalio is the founder of Bridgewater Associates, which manages approximately $160 billion in assets.
Dailo, on CNBC’s Squawk Box, alleged bitcoin is “an effective store hold of wealth”, likening it disparagingly to gold.
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“It’s not an effective storehold of wealth because it has volatility to it, unlike gold. Bitcoin is a highly speculative market. Bitcoin is a bubble.”
Dalio claimed that a combination of market speculation and the deficiency of broader implementation is prohibiting the cryptocurrency.
“It’s a shame, it could be a currency. It could work, conceptually, but the amount of speculation that is going on and the lack of transactions [prevent it],”
His statements come as bitcoin recuperates from negative regulatory changes in China.