Billionaire investor Ray Dalio has explained that fiat currencies are in serious “jeopardy” as a powerful store of wealth. But he still doesn’t believe that Bitcoin (BTC) and stablecoins will be the solution either.
Dalio, founder of hedge fund Bridgewater Associates, explained on the CNBC Squawk Box Feb. 2 that The large print of the US dollar and other reserve currencies led him to question whether these were forms of “Effective money”?
“We live in a world where fiat money is in peril. printed too much And it’s not just the United States. it is all reserve currency.”
However, Dalio said that Bitcoin, despite its “12-year” success, is still too volatile to be used as a currency:
“It’s still not effective money. It is not an effective store of wealth. And it is not an effective medium of exchange.”
He also sees stablecoins as a powerful form of money. As it is tied to state-backed fiat currencies. But it is still linked to inflation.
“I think you’re going to see a development of coins that you’ve never seen before. This may be an attractive and practical coin. And I don’t think Bitcoin is like that,” he added.
However, ARK Invest CEO Cathie Wood takes a different view on Bitcoin, citing it as a protection from wealth deprivation in some developing countries.
The post Ray Dalio warns!! Fiat money is in ‘dangerous’ as a store of wealth, but Bitcoin, Stablecoins are not the answer either, appeared first on Bitcoin Addict.