Ray Dalio's Hedge Fund is Considering Bitcoin, calls it "One Hell of an Invention"
Bitcoin may be struggling, tracing $30k and oscillating inside a $10k channel, but this isn't stopping Ray Dalio from praising the network for what it is: A modern-day, perfectly-tuned platform meeting the needs of the 21st-century value mover. He lauds Bitcoin calling it one hell of an invention, a new type of money that serves both as a medium of exchange and a store of value. Accordingly, he and his associates are now considering Bitcoin and cryptocurrencies as an investment for two new funds that will cushion its holders against fiat currency debasement.
Many investors are worried about the trajectory taken by central bankers and the policy adopted by governments. Their insatiable need to hit the money printers to support the economy feeds inflation, which may rise above important levels, causing hyperinflation. Ray Dalio's asset management firm may be considering Bitcoin, pointing out its advantages as a store of value and a hedge against inflation. Other hedge funds and public companies--which cumulatively own over $40 billion worth of BTC, are also pointing to inflation as their main reason for including BTC as part of their investment strategy, swapping cash for the digital gold.
Impact on the BTC Price:
Bullish. The recent contraction and wavy price action, analysts say, was because of the absence of institutional investment. Comments from Ray Dalio, even though he's skeptical, point out to volatility risks and government censorship, tend to buoy bulls who in turn find reasons to channel funds, propping prices.
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