Investing.com – Ray Dalio said he owns a small amount of bitcoin, but the cryptocurrency is unreliable, which is why the billionaire investor prefers gold.
“I would prefer gold,” he said.
At the same time, Dalio emphasized that the valuation of bitcoin is lower than the valuation of shares of large companies such as Microsoft (: ). On Thursday, Bitcoin’s market capitalization was about $574 billion, compared to Microsoft’s $2.27 trillion.
“I don’t understand why people are more likely to enter positions on than on . Looking at the international level, gold is the third most important reserve asset for central banks,” said the founder of Bridgewater Associates. – In first place is the dollar, then , gold and . Central banks buy gold, not bonds. It is timeless and universal.”
Dalio added that he is not a big fan of bitcoin, although he admitted that he holds “some” bitcoins. But even with small holdings, their volatility requires investors to pay too much attention, he warned.
“If you own a small amount, you will have to think about these things. As I said, you have to be prepared for the fact that he can go down a lot if he loses 80% or so. But it limits the amount you can have,” Dalio said. “So I don’t know. I don’t think too highly of bitcoin.”
Although bitcoin is still far from its November 2021 peak of $67,000, it has climbed 80% since the beginning of the year to nearly $30,000.
Its rise coincided with hopes for a pause in the Federal Reserve’s rate hike and banking turmoil caused by the collapse of the SVB bank in March.
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2023-04-28 12:53:00
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