Veteran hedge fund supervisor Ray Dalio is saying that gold continues to be his favourite asset as a result of it has qualities that aren’t present in Bitcoin (BTC).
In a brand new interview on the Lex Fridman Podcast, Dalio says that by way of traceability, the yellow metallic has an edge over the main digital asset.
“Gold is still my favorite because of certain qualities. For example, you can’t trace it. In Bitcoin, you can trace who owns it, where it’s going and so on. Governments can have that ability to trace it and so on. A gold piece of coin, it’s not connected. I think not connected has benefits particularly in a world where maybe connections can be more risky.”
The billionaire additionally cites different the reason why regardless of the rising recognition of Bitcoin, he nonetheless prefers gold over BTC.
“Also gold has been, for many thousands of years, universally recognized as a source of money and central banks, it’s the third-largest source of money in central bank reserves and I don’t think Bitcoin is going to serve those types of purposes and so on. So for various reasons, I prefer gold to the other but it’s a little bit part of my mix.”
Although Dalio nonetheless favors gold, the investor provides Bitcoin credit score for what it completed over time and says it has succeeded in changing into an alternate type of cash.
“The evolution of Bitcoin over time is likely one of the issues that has influenced adjustments in my opinion. It has confirmed itself…
It has not been hacked. It has operated. It is constructed. It has come a tremendous method over that 11 years to be most likely essentially the most thrilling matter amongst lots of people and has been used and has obtained the standing of getting imputed worth.
At the identical time, it’s a type of property that’s an alternate cash. I feel we’re getting into an period the place there’s going to be a contest of moneys due to the printing of fiat cash and the depreciated worth. There will likely be a contest of cash and Bitcoin is a part of that competitors.”
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