Business Insider | Brian Evans | Feb 2, 2023
Image: Unsplash/Michelle Spollen
Bridgewater Associates founder Ray Dalio warned Thursday of a looming currency crisis and that an inflation-linked cryptocurrency would be safer than bitcoin.
- Dalio on Bitcoin: In an interview with CNBC, he asserted that the largest cryptocurrency by market capitalization “has no relation to anything” and denounced opinions that bitcoin is a safe store of value. “It’s a tiny thing that gets disproportionate attention,” Dalio said. “It’s not going to be an effective money. It’s not an effective store holder of wealth. It’s not an effective medium of exchange.”
- While bitcoin has been touted as the future of currency, he said it’s too unstable. And stablecoins, which have been billed as safer than bitcoin, are basically fiat currencies too, he added.
- Ideal coin: “If you created a coin that says ‘OK this is buying power that I know I can save in and put my money in over a period of time and transact in,’ then I think that would be a good coin,” he said. “So I think you’re going to see the development of coins that you haven’t seen that probably will end up being attractive, viable coins. I don’t think bitcoin is it.”
See: According to CBDCTracker, these Central Banks have Launched a CBDC or Pilot Initiative as of Today
- We are in a world in which money as we know it is in jeopardy. We are printing too much, and it’s not just the United States.
- He also noted China’s push to conduct trade in the yuan and promote its digital renminbi will make them more widely used. President Xi Jinping recently visited the Middle East to tout the yuan in oil deals, threatening the US dollar’s status as the top currency in commodities trade.
- “If Saudi Arabia sells oil in renminbi and then buys things from China in renminbi, when they get it they’re going to hold more renminbi – it’s going to be a higher percentage of their [reserves].
- He also noted China’s push to conduct trade in the yuan and promote its digital renminbi will make them more widely used. President Xi Jinping recently visited the Middle East to tout the yuan in oil deals, threatening the US dollar’s status as the top currency in commodities trade.
Ray Dalio:
“The question over the next number of years is really what is money, not just as a medium of exchange but as a store holder of wealth.”
Continue to the full article –> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Related Posts
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://ncfacanada.org/ray-dalio-favors-an-inflation-linked-digital-asset-over-bitcoin/