Is billionaire investor Ray Dalio finally going to invest in Bitcoin after spending so long slating it? If his latest newsletter is anything to go by, it could be a possibility.
In a note published today, “What I think of Bitcoin,” Dalio, who runs the world’s biggest hedge fund, Bridgewater Associates, said the cryptocurrency is “one hell of an invention.” He also said that the fact that investors are still interested in the currency, 10 years after it was conceived, is “an amazing accomplishment.”
Dalio added: “… I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets, and Bitcoin won’t escape our scrutiny.”
The hedge fund manager has come a long way since he said Bitcoin was “so volatile” and therefore unsuitable as a storehold of wealth; just last year, Dalio said that governments would likely outlaw the currency.
He’s not the only one to have voiced those opinions: this week, ex-Goldman Sachs CEO Lloyd Blankfein said regulators are likely getting ready to control Bitcoin.
But today Dalio hinted that Bridgewater would consider investing in it—or other similar alternative assets.
“I am eager to be corrected and learn more,” the note read, after Dalio said that the asset could potentially lose 80% of its value. Nevertheless, the famed investor confirmed that Bridgewater is taking a very close look at Bitcoin as a potential alternative store of value.
Dalio did add, however, that he was worried about the potential of Bitcoin hacks, saying “it would be naïve to be totally comfortable that digital assets can’t be hacked, which is one of the advantages of gold-like assets and is one of the risks of all financial assets.”
Dalio is the latest traditional finance bigwig to show interest in Bitcoin as a safe haven bet or protection against the debasement of the dollar.
News Source from Decrypt.co