Founder of the world’s largest hedge fund, Ray Dalio, a skeptic of bitcoin, has changed his mind and now says cryptocurrency should be a part of a well-balanced investment portfolio.
The founder of Bridgewater Associates says that bitcoin “could serve as a diversifier to gold and other such store holds of wealth assets.”
Dalio has been the co-chief investment officer of Bridgewater since 1985, which now manages about $140 billion in assets. In November Dalio posted to Twitter that he “might be missing something about bitcoin,” and would “love to be corrected.” Yet, he was still not convinced and had several important questions about bitcoin, which experts on bitcoin immediately answered.
In response Dalio wrote:
“I think that bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth.”