Billionaire Ray Dalio Says Blockchain Is Digital Gold

June 3, 2022 11:05:00

While speaking on the sidelines of the World Economic Forum that ended recently in Davos, Switzerland, Ray Dalio, the billionaire founder and manager of the largest hedge fund across the globe said that blockchain is akind of digital gold.

Earlier in February, the Bridgewater Associates manager stated that he believed that cryptocurrencies are likely to be banned by different governments around the world. Despite this gloomy prediction, Dalio is such a firm believer in the future of cryptocurrencies that he has invested his personal money in Bitcoin, and his hedge fund has also invested considerable resources in digital assets.

While speaking in Davos, Dalio wasn’t too thrilled about the world economy. His speech showed that he had a gloomy picture of what is going on. He bases this outlook on the fact that today, the world is grappling with multiple threats, such as the ongoing COVID-19 pandemic, which isn’t showing any signs that it will end soon, especially in China. The other crises that he mentions are the fuel crisis and food shortages as well as the Russian invasion of Ukraine.

Dalio’s pessimistic tone was echoed by other dignitaries, such as the vice chancellor of Germany Robert Habeck, who said that the world is engulfed by four interlinked crises that cannot be resolved by focusing global attention on just one of those crises. The crises he singled out are the energy crisis, high inflation, food poverty and the global climate. Habeck says the only meaningful way is to tackle all these crises at the same time rather than trying to fix one at a time.

On what the U.S. Federal Reserve ought to do, Dalio says the Fed has no choice but to sell since everyone from private individuals, corporations and even the U.S. government was selling in order to finance deficits. Dalio went as far as to say that at the moment, cash was trash. This is because money is losing its purchasing power at a high rate because of rapidly rising inflation. His comment wasn’t only about the U.S. dollar but about all currencies around the world. He predicts that the value of cash is going to drop in relation to commodities and services.

It is in this regard that the billionaire looks at cryptocurrencies, such as Bitcoin, as a form of digital gold because investors can turn to it as a way of stabilizing their portfolios or hedging against losses due to instability in other asset classes such as stocks and bonds.

Such comments are likely to be welcomed by sector actors in the blockchain space, including Canaan Inc. (NASDAQ: CAN), because when a titan such as Ray Dalio speaks favorably about blockchain technology, the world listens.

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