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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Billionaire Investor Ray Dalio Isn’t Convinced Of Bitcoin Just Yet

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read

Bitcoin has undergone a strong rally over the past few weeks and months, showing it does have value even in a world where there is much uncertainty. Driving this rally, analysts say, are institutional players.

One crypto-asset analyst “Light” noted that from the data he has, he can tell there are serious institutional players that are buying BTC.

News events indicate that this is the case. MicroStrategy, an American business services company, purchased $425 million worth of BTC over a two-month time span, while the fintech company Square deployed $50 million from its balance sheet into Bitcoin.

Despite this increase in institutional interest, not all investors are convinced of the leading cryptocurrency. Billionaire investor Ray Dalio, who runs the world’s biggest hedge funds, recently said that he is not yet convinced Bitcoin has long-term value. He has said this before, but this comment comes after a number of other investors have changed their tune on the asset.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Not Convinced of Bitcoin: Ray Dalio

Ray Dalio is one of the world’s foremost Wall Street investors. It’s no surprise, then, that those that interview him have asked about his thoughts on Bitcoin and cryptocurrency as this asset class has continued its ascent.

In a recent interview with Yahoo Finance, he said that he thinks digital currencies launched by governments and central banks will gain more traction than Bitcoin and other decentralized cryptocurrencies.

He did admit that Bitcoin is an alternative store hold of wealth, but said that he would still prefer using gold over the leading cryptocurrency. He specifically said that central banks are more likely to hold gold than BTC, which is accurate.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Growing Number of Supporters

This comment comes shortly after Stanley Druckenmiller, a billionaire investor, announced his support for Bitcoin.

Raoul Pal, CEO of Real Vision and a former Goldman Sachs hedge fund manager, recently stated on the news:

“The significance of the world’s greatest and most respected money manager – Stan Druckenmiller saying just now that he is long bitcoin can not be overstated. That has removed every obstacle for any hedge fund or endowment to invest…”

Druckenmiller joins the CEO of Fidelity Investments and Paul Tudor Jones, a billionaire Wall Street investor, as the latest Bitcoin bulls in traditional finance.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Billionaire Investor Ray Dalio Isn't Convinced Of Bitcoin Just Yet
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Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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