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Ray Dalio is among the most successful hedge fund managers in US history. Having found his own fund Bridgewater Associates in 1975, he has managed billions of dollars in the following decades.
However, Dalio has never been a fan of Bitcoin. He has previously said that BTCâs volatility refrains it from acting as a medium of exchange and even asserted that the cryptocurrency âfails the purposes of money.â
Bitcoin fell in his scope recently when the asset started gaining massive chunks of value and broke above $18,000. This time, though, the prominent traditional investor seemed more open-minded, something he preached in his books.
Dalio admitted that he might be âmissing something about Bitcoin.â In fact, he urged the community to make him understand as he would love to âbe corrected.â
Needless to say, the vocal cryptocurrency community was quick to respond. Popular TV host Max Keiser led the charge, and he further explained to CryptoPotato that we actually see the âeducation of a Bitcoiner.â
Ray Dalio: Future Bitcoiner?
Keiser said that Dalio, like many others before him, had dismissed Bitcoin initially without doing detailed research. This has become obvious by his comments that ârevealed a complete ignorance about Bitcoin.â
However, the situation changed once Dalioâs peers, namely Paul Tudor Jones III and Stan Druckenmiller, started building BTC positions and âmaking huge returns.â At this point, Dalio was âforced to finally get off his ass and do some research.â
âAs we all know, once you look closely at Bitcoin, you fall into the rabbit hole, and you start to have anxiety attacks because you never have enough BTC in a world of collapsing fiat money and boring gold that canât keep up with Bitcoin.â
Keiser gave Dalio credit for finally âgetting over his egoâ and admitting that he might be wrong about BTC. However, the popular TV host believes that Dalio will have a problem because âBitcoin has no hedge for him to play with⊠BTC is the hedge.â
This concept goes over the head of the worldâs biggest hedge fund. It only shows that itâs still early to get into BTC, as a price tag of $100,000 will materialize âa lot sooner than anyone imagines.â
Peter Schiff Is Not That Bright: Keiser
US economist, gold-bug, and well-known Bitcoin basher Peter Schiff was among the first to offer his opinion to Dalio. Staying true to his nature, Schiff claimed that the hedge fund manager is not âmissing anything except participating in a bubble. Your criticisms are spot on.â
While talking down BTC is nothing new for Schiff, Keiser actually said that he has ârepeatedlyâ pitched Bitcoin to him when the price was $1, $100, $1,000, and $10,000. However, âPeter is not that bright and lacks the intelligence and mental agility to look at new ideas.â
Instead of getting into Bitcoin, Schiff âwasted his life away jerking around with some dodgy Puerto Rican bank that is now trashing his reputation and causing all sorts of problems.â
As reported in October, several national tax authorities initiated a joint investigation against Schiffâs bank for allegedly facilitating tax evasion and offering its services to known multinational criminals.
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.