American billionaire Ray Dalio had a classic response when he was asked to choose the one asset between Gold and Bitcoin he would like to invest in. He called Bitcoin a digital version of Gold but he still values one more than the other.
Dalio used to be a big critic of cryptocurrency in the past as he has raised concerns over crypto assets a lot of times in all these years. This year in May, he revealed that he had invested a certain ( undisclosed ) amount of money in Bitcoin and he was excited for the returns he would get.
The Founder of Bridgewater Associates, who is going to turn 72 on upcoming Sunday is still not fully convinced with cryptocurrency investments as he chose Gold between the two assets.
” If you put a gun to my head, and said I could only have one between Bitcoin and Gold, I would choose Gold “, Dalio said.
Dalio was also asked about the amount of money he had invested in Bitcoin. He didn’t reveal the amount but he said he had a very small investment in crypto as he only wanted to diversify his portfolio.
Ray Dalio’s Bridgewater Associates became the world’s largest hedge fund in 2017 after being founded in 1971 by the billionaire. He then stepped down from the CEO post and now serves the company as a chairman and co-chief investment officer.
In 2020, Bloomberg ranked him 79th richest person in the world with a net wealth of 2030 crores US Dollars.
The hedge fund manager also feared that the stricter regulatory laws are going to create trouble for cryptocurrency. There is a good chance that the federal government could outcast cryptocurrency at some point, he thinks and this is something that makes him skeptical about the future of Bitcoin.
Be careful about what you’re putting your money in. And make the diversification global, not just in the United States, ” he said.
Bitcoin recovered from the slight fall yesterday and is being traded at $39,018 at the time of publishing this story.