Billionaire hedge fund manager Ray Dalio said that bitcoin looks like a “long-duration option on a highly unknown future”, hailing the digital currency as “one hell of an innovation” and a storehouse of wealth.
The co-chief investment officer of Bridgewater Associates, Dalio said in a Linkedin post, “Bitcoin looks like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80 percent of.”
Calling the cryptocurrency “one hell of an innovation”, he said those who created bitcoin had “done a fabulous job” of sustaining it and turning it into an alternative gold-like asset.
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“To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.”
Dalio also said if the US government looks into bitcoin, then privacy will be impacted.
“Regarding privacy, it appears that Bitcoin will unlikely be as private as some people surmise. It is, after all, a public ledger and a material amount of Bitcoin is held in a non-private manner. If the government (and perhaps hackers) want to see who has what, I doubt that privacy could be protected,” he said.
