Ray Dalio has become the newest Bitcoin critic that has turned to embrace the cryptocurrency. Dalio who until recently, was very negative about Bitcoin predicting at one time that the government was going to ban it. Just months after the billionaire made this statement, he surprisingly disclosed later on that he knew little about BTC.
The firm that manages the billionaire’s assets, Bridgewater Associates, have kick-started an understudy of the cryptocurrency. The firm has over $100 million in assets under management and have concluded their analysis on the digital asset.
At first, it was uncertain to determine where the analysis would lead to. However, the Billionaire has dropped the pointer when he mentioned in an interview at Concensus that some Bitcoins are in his possession.
Is Ray Dalio Leaving Fiat or Just Diversifying?
The conclusion of the analysis made by the firm remarkable likened Bitcoin to be an option on a potential storehold of wealth. Despite that the proceedings of the interview with the former Bitcoin critic is yet to hit the waves, he shares some similar views with bigger lovers of Bitcoin. Dalio believes that fiat is outdated and currently in its last phase.
This recent change might become good news for the Bitcoin community as Dalio’s asset firm is considered to be one of the biggest hedge funds in the globe. An entry by the firm to stake on the leading crypto asset has a hedge against inflation or the traditional banking system would be a welcome addition.
As a sufficient indicator to the increasing fondness Dalio has for Bitcoin, he had said he would rather have some BTC than own a bond in an inflationary economy.