Benzinga - Bridgewater founder Ray Dalio praised Bitcoin’s (CRYPTO: BTC) history for the past 12 years but has a warning for investors.
What Happened: Dalio shared his views on the performance of Bitcoin over the past few years, calling it “amazing,” in an interview with CNBC.
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However, he noted that the apex crypto has "no relationship to anything" and he believes it is a "tiny" thing that gets "disproportionate attention".
“Just, everybody, let me say what I believe about crypto, Bitcoin and what I’ve pretty much always been. I think it’s been, you know, quite amazing that for 12 years it’s accomplished but I think it has no relation to anything, okay. In other words, it moves and has no relation. It’s a tiny thing that gets a disproportionate amount of attention,” he said.
Dalio noted that the value of Bitcoin was less than a third of the value of Microsoft stock. To him, “Bitcoin is not an effective store of wealth,” medium of exchange, or even effective money.
The billionaire investor believes that an economic crisis is a cycle and “Bitcoin is not the solution.” He suggests an alternative — an inflation-linked coin. These types of coins would assure that buying power is secured with the goal of storing one’s wealth for future needs.
Dalio emphasizes that Bitcoin is “unfit” for this task.
Price Action: At the time of writing, BTC was trading at $23,557, down 1.46% in the last 24 hours, according to Benzinga Pro data.
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