The founder of Bridgewater Associates, Ray Dalio, praised gold and criticized Bitcoin while speaking at the World Economic Forum in Davos, Switzerland. According to Ray Dalio, cryptocurrency is too speculative to serve as money. He said that bitcoin is not money even if it costs $9,000.
Ray Dalio criticizes bitcoin praises gold.
Bridgewater Associates founder Ray Dalio said that there are two purposes of money, a medium of exchange and a store of wealth, and bitcoin id not effective in either of those. Dalio also criticized cash. He said that cash is trash. Get out cash. There’s still a lot of money in cash. According to Ray, gold is the best choice for long-term investors. He is of the opinion that precious metals should be included in investment portfolios for diversification purposes.
Bitcoin continues to trade above $8,500.
The new year so far has been generous for the leading cryptocurrency. The bitcoin, at the time of writing, is changing hands at just above $8,640. The price of bitcoin and other altcoins gained a positive momentum earlier last week. Bitcoin crossed above the $9,000 mark recently as it traded at $9,184 for a while. The short term prediction for bitcoin is positive as it is expected to test the $9,000 mark once again