Thursday, January 27, 2022

Billionaire Ray Dalio Sees Limitation on Bitcoin’s Price, Doubts BTC Can Reach $1 Million – Markets and Prices Bitcoin News

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Billionaire Ray Dalio, the founding father of the world’s largest hedge fund, Bridgewater Associates, says it’s not doable for the worth of bitcoin to achieve a really excessive quantity, corresponding to $1 million. He defined: “Logically … there’s a limitation on its price in relationship to other things like it.”

Ray Dalio on Where the Price of Bitcoin Is Heading

Bridgewater Associates founder Ray Dalio shared his view on how excessive he thinks the worth of bitcoin may attain in an interview with Lex Fridman, printed Saturday. Dalio at the moment serves as Bridgewater Associates’ chairman and co-chief funding officer. His agency’s shoppers embrace endowments, governments, foundations, pensions, and sovereign wealth funds.

The Bridgewater boss was requested whether or not he thinks it’s doable for the worth of bitcoin to achieve a really excessive quantity, corresponding to $1 million. Dalio promptly replied:

I don’t suppose that’s doable.

“The way I look at it is there’s a certain amount of it [bitcoin] and there is a certain amount of gold,” he elaborated. “I’ll use gold as a benchmark,” he added, noting that the market cap of bitcoin is at the moment about $1 trillion and the market cap of your entire crypto market is about $2.2 trillion.

“If you take the amount of money that is in gold that is not used for jewelry purposes and not used by central banks — and I assume bitcoin won’t be used for jewelry purposes or central bank purposes — that amount of gold is about $5 trillion,” he defined. “So right now if you were to have a portfolio that has gold and … bitcoin, it’s worth about 20% of the value of gold.”

The billionaire emphasised that he doesn’t suppose bitcoin will probably be value greater than gold. “I think that 20% sounds kind of about right,” he affirmed however admitted, “I really don’t know what the right answer is.”

The Bridgewater founder concluded, “If you use gold as a measure, it just makes no sense that it’s going to be used that much more.” While admitting that he’s “not sure about anything,” Dalio mentioned:

Logically it appears to me that there’s a limitation on its worth in relationship to different issues prefer it.

Dalio beforehand revealed that he has a small quantity of crypto in his portfolio for diversification. Regarding bitcoin, he mentioned: “I think it’s very impressive that, for the last 10, 11 years, that programming has still held up. It hasn’t been hacked and so on, and it has an adoption rate.”

Some folks disagree with Dalio about how excessive the worth of bitcoin may attain. Microstrategy CEO Michael Saylor, for instance, expects the worth of BTC to maintain climbing towards the greenback. The pro-bitcoin government particularly talked about that it may attain $600,000 and then $6 million a coin sooner or later.

What do you consider Ray Dalio’s prediction and feedback? Let us know within the feedback part under.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.




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