From criticizing bitcoin for failing the purposes of money and suggesting a potential ban to comparing it with gold and, most recently, indicating BTC has proven its place in investment portfolios – Ray Dalio’s mind on the cryptocurrency seems to be changing. Interestingly, Max Keiser foresaw this development months ago.
Along with numerous other prominent representatives of the traditional financial world, Bridgewater Associates’ founder was a vocal bitcoin critique.
Previous comments included bashing the asset’s infamous volatility, refraining it from serving as a medium of exchange. Last year he went even further, claiming the cryptocurrency “fails the purposes of money.”
However, he seemed significantly more open-minded in recent months and even admitted he might be “missing something about bitcoin.” He asked his hundreds of thousands of followers to make him understand what that could be and later even compared it with gold.
Prominent BTC proponent and host of the Keiser Report, Max Keiser, surprised the crypto world at the time, saying this was the “education of a new bitcoiner.”
Although Dalio hasn’t gone public to apologize for his previous BTC bashings and shout he was wrong, he did outline some of its merits a few days ago. Furthermore, while highlighting the significance of a well-balanced and diversified portfolio, he said bitcoin has proven its place in an investment portfolio and added, “I like the diversification of those kinds of assets.”
Nevertheless, Dalio emphasized that even BTC holders need to have exposure to other assets, such as gold.
As mentioned above, Max Keiser was among the first to insinuate the potential change of heart coming from Dalio. Following the latest positive comments made by the legendary legacy investor, the host of Keiser report told CryptoPotato:
“The hedge fund industry is very competitive. Whether or not Dalio believes what he is saying, the magic of Bitcoin is pulling him into its orbit as the price goes higher. Ray Dalio is now one of Bitcoin’s drones. He’s doing Bitcoin’s bidding as Bitcoin continues its march toward becoming the global monetary standard and a $100 trillion market cap.”
Keiser added that others could soon follow Dalio, as his next bold prediction is one of the most vocal BTC critiques – Peter Schiff. However, Keiser believes “it’s all mathematically guaranteed by the algorithms of the protocol” that all previous bashers will become “Bitcoin’s bitch.”
This article was first published on: Apr 18, 2021
