The billionaire investor added that Bitcoin could serve as a ‘gold diversifier’ and a store hold of wealth in the future. Dalio, who manages the world’s largest hedge fund, pointed out that most investors do not diversify their portfolios as they should. Dalio said when comparing Bitcoin to gold, he prefers assets that governments can hold and use to exchange value. During the session, he took issue with the excessive printing of money into the economy. According to Dalio:
Dalio’s previous Bitcoin skepticism
Dalio’s current sentiment about the asset strongly contrasts his view in November. The billionaire pointed out that Bitcoin isn’t a great store of value due to its high volatility. At the moment, Bitcoin had surpassed the $17 000 mark. Dalio stated that Bitcoin had the potential of being outlawed by authorities globally. However, he left his options open. Dalio noted he might be missing something about the asset’s popularity, and there was room for correction. Dalio’s comments come when institutions have been converting their cash reserves into Bitcoin investments. Notably, the entry of institutions into the crypto space is the main catalyst for the asset’s new 2020 high. By press time, the asset was trading at $18,418.11, according to data provided by CoinMarketCap. This is the highest price in three years after hitting the all-time high of $20,000 in 2017.
