Notable Bridgewater hedge fund manager Ray Dalio has made public his preference for gold and Bitcoin over debt assets amid a boom in complex financial products. This comes as a twist since Dalio has been critical of Bitcoin in years gone by.
“I want to steer away from debt assets like bonds and debt and have some hard money like gold and bitcoin,” the founder of the world’s largest hedge fund said.
JUST IN: Billionaire Ray Dalio says, “I want to steer away from debt assets and have some hard money like gold and #Bitcoin” 🙌 pic.twitter.com/cGepTUrhRl
— Bitcoin Magazine (@BitcoinMagazine) December 11, 2024
Dalio’s Comments Came At The Ongoing Abu Dhabi Finance Week In The UAE
The multi-billionaire said his preference for gold and bitcoin over debt assets is due to indebtedness continuing to affect major economies worldwide.
The founder of Bridgewater Associates spoke during the ongoing Abu Dhabi Finance Week in the United Arab Emirates, which wraps up tomorrow (December 12).
During his talk, Dalio stated that all major economies, aside from Germany’s, have seen indebtedness increase at “unprecedented levels.” He said, “these countries can’t be able not to have a debt crisis in the years ahead that will lead to a great decline of money value.”
Dalio’s speech has been raising eyebrows due to his comments made not that long ago. Just over 18 months ago, in February 2023, the hedge fund manager told CNBC that he wasn’t a fan of Bitcoin. At the time, he said, “It’s not going to be an effective money” and “It’s not an effective storehold of wealth. It’s not an effective medium of exchange.”
The Multi-Billionaires Anti-Crypto Stance Goes Back As Far As 2020
Going back even further, in 2020, Dalio said, “I don’t think digital currencies will succeed in the way people hope they would.” At that time, he cited volatility, limited use cases, and a lack of government control as factors in his anti-crypto stance.
Dalio did, however, admit to owning Bitcoin in 2021. During the 2021 Consensus conference, he said, “I have some Bitcoin,” before adding, “Bitcoin’s greatest risk is its success.”
He elaborated on that statement, saying, “And if it succeeds, one of the great things, I think, as a worry is the government having the capacity to control Bitcoin or the digital currencies. They know where they are and what’s going on.”
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