Despite Bitcoin’s (BTC) remarkable start to the year, legendary investor Ray Dalio says he will not change his stance on the cryptocurrency.
In an interview on The Julia La Roche Show, Dalio states that his views on Bitcoin are essentially unchanged: BTC is not a reliable store of value or medium of exchange.
“[Bitcoin] is an ineffective means of exchange. It has a volatility that is unrelated to almost everything… It decreases because, say, people in the tech industry like it, then there is a tech problem, then they sell it to raise funds, and so on.
It is a very, very weak substitute for gold… In addition, central banks own gold, which is their third-largest reserve after U.S. dollars, euros, and yen.”
According to Dalio, Bitcoin is still at risk of being prohibited, as other nations and central banks have no desire to amass the crypto monarch.
“They can criminalise Bitcoin. They can control it. Central institutions and nations have little interest in it. Therefore, it is not a viable alternative… You can have it reduced by 80%, and if you want a small portion, you can have it. It is a minor asset. It receives disproportionate attention in relation to its magnitude.”
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