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#1 15-12-2020 14:32:04

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The world's largest speculative fund manager compares Bitcoin to gold

The world's largest speculative fund manager compares Bitcoin to gold

US billionaire Ray Dalio, a hedge fund manager and founder of Bridgewater Associates, says Bitcoins and other cryptos have recently emerged as viable alternative assets.

In a recent post, Dalio changed his tone on cryptos and presented a positive stance on digital assets. He compares Bitcoin to gold and says they both have similarities as a store of value. The recent comments have come as a surprise after Dalio denigrated Bitcoin in November for its lack of adoption, high volatility, and uncertain regulatory status.

The investor adds that Bitcoin appears to be a good tool for portfolio diversification as traders can add the world's leading crypto to their investment pool alongside traditional commodities like stocks and commodities.

"I think Bitcoin (and some other digital currencies) has established itself over the recent past as a good alternative to gold, with similarities and differences to gold and other stores of wealth at limited supply and mobile (unlike real estate). It could therefore serve as a diversification for gold and other such heritage assets. The key is to have some of these types of assets in your portfolio (limited supply, mobile, and who are stores of wealth), including stocks, and to diversify them among themselves. There aren't enough people doing that. As for Bitcoin versus gold, I have a strong preference for the goods that central banks are going to want to hold and trade", says Dalio.

Institutional currency

The former Bitcoin critic's recent statement came after major Wall Street funds expressed interest in BTC and other digital assets. Larry Fink, CEO of the world's largest asset management company, BlackRock, has also shown an interest in cryptos. Fund manager Grayscale has reported a significant jump in crypto assets under management this year due to growing interest from institutional investors in crypto-focused investment products.

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