The American billionaire investor Ray Dalio, founder of the investment company Bridgewater Associates, suggested that the Bitcoin (BTC) could be a good asset to diversify your portfolio.
During a recent session of Reddit ask-me-anything (AMA), Dalio addressed the burning issue of cryptocurrency, and more specifically Bitcoin.
“I think Bitcoin (and some other digital currencies) has established itself over the past decade as an attractive alternative to gold-type assets, with similarities and differences to gold and other stores of wealth. supplies (unlike real estate) with limited supply, so it could serve as a diversification for gold and other such wealth stores, “he said.
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According to Mr. Dalio, it is important for a person to have in their portfolio diversified, mobile and limited supply stores of wealth,
“The bottom line is to have some of these types of assets in your portfolio (limited in supply, which are mobile, and which are stores of wealth), including stocks, and diversify them. not enough people doing this “.
On the other hand, between Bitcoin and gold, Dalio suggested that he would opt for the one of the two that is backed by central banks.
“When it comes to Bitcoin over gold, I have a strong preference for what central banks are going to choose to hold and trade when trying to transact,” he said. .
This last AMA session takes place in a complex socio-economic and geopolitical context including large national debts, significant wealth disparities, intense political differences as well as the rise of a new world power (today, it is China) which challenges an existing power (currently, the United States).
When asked by a user “What steps can the average American citizen take to mitigate the potential negative impact that the global order imposes on the country and on his daily life”, Mr. Dalio said. again stressed the need to “place its economies in a well-diversified mix of currencies, countries and asset classes so that its economies do not depreciate and are sufficient to cushion shocks.”
Moreover, according to a recent article by the digital asset management company CoinShares, it is possible that “investors are choosing Bitcoin to diversify the limited-supply assets in their portfolios.” The article also noted that gold suffered from investment product outflows of a record $ 9.2 billion in the past four weeks, while Bitcoin recorded inflows of a record $ 9.2 billion. total of $ 1.4 billion.
“This needs to be taken into account against the background where gold inflows for the year remain up by USD 45.7 billion,” they said, adding that “the weakness of the US dollar highlights fears of excessive monetary policy, combined with concerns about handling the COVID crisis, is a time when gold is expected to outperform. “
In the past, Dalio never mentioned Bitcoin in his articles. He said, however, that BTC was too volatile to serve as a store of value, but if it got too big, governments would try to outlaw it.
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