After expressing uncertainty about the cryptocurrency in November, Ray Dalio, an American billionaire investor and hedge fund manager, confessed to owning “some” Bitcoin during a recent discussion at the Consensus conference 2021.
He emphasized that cryptocurrency could act as the most reliable store of value in an inflationary climate.
Dalio stated that he would prefer to have “Bitcoins than bonds” as he repeated the argument some institutional investors have made lately in the cryptocurrency’s favor, i.e., Bitcoin could supplant gold as a superior fence against rampant inflation that may occur in the West in the coming years.
The Bridgewater Associates founder reemphasised his view that the U.S. dollar is on the edge of a devaluation. He recommended that bitcoin could be an attractive savings vehicle in an inflationary situation.
However, Dalio believes that bitcoin’s most significant risk is its success – if it enhances into the substantial asset class and poses a real threat to others, like bonds, that could prompt a regulatory crackdown which could hinder the cryptocurrency. Right now, bitcoin isn’t an actual threat because it’s still small compared to other assets.
The United States had attempted to ban U.S. citizens from owning or trading gold in the 1930s as it was witnessed to be a cutthroat danger to Treasury bonds. The total value of bitcoin is slightly over $1 trillion, while the value of U.S. bonds is about $23 trillion.
Favoring the cryptocurrency, Dalio said that
The world is going to change at an incredibly fast pace,” “Whoever wins the technology race wins it all, economically and militarily. … That’s what the next five years look like.
Wyoming Is Crypto -Friendly
Mark Gordon, 33rd Governor of Wyoming, said in a Consensus conference 2021 that he owns cryptocurrencies while discussing the early triumphs of his state’s attempts to lure cryptocurrency companies and projects.
People often look to New York or Miami or Delaware before they look at Wyoming. But a lot of the pioneering work has been done here
Indeed, Wyoming has set out some of the nation’s most promising crypto laws, such as a bill that would recognize decentralized autonomous organizations (DAOs) as legal entities. Governor listed some of the big names that revealed branches in Wyoming: Kraken, Ripple Labs, and IOHK.
At the time of publication, Bitcoin value is $39,074.05 USD with a 24-hour trading volume of $65,596,355,876 USD. Bitcoin is up 7.23% in the last 24 hours.
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