Billionaire investor Ray Dalio recommends bitcoin as 'hard money' amid national debt increases
Billionaire investor Ray Dalio shared his preference for gold and bitcoin over debt assets as indebtedness continues to affect major economies worldwide.
"I want to steer away from debt assets like bonds and debt, and have some hard money like gold and bitcoin," the founder of Bridgewater Associates, the world's largest hedge fund, said in a speech during the Abu Dhabi Finance Week in the United Arab Emirates, according to South China Morning Post.
Dalio noted that all major economies, except Germany's, have seen indebtedness increase at "unprecedented levels." He also claimed that "it is impossible for these countries to be able to not have a debt crisis in the years ahead that will lead to a great decline of [money] value," according to SCMP.
Dalio's stance is particularly noteworthy given his previous comments. In February 2023, the billionaire told CNBC that he doesn't like bitcoin . "It's not going to be an effective money," he said at the time, adding: "It's not an effective store hold of wealth. It's not an effective medium of exchange."
"I don't think digital currencies will succeed in the way people hope they would," he said in 2o2o, citing volatility, limited use cases and a lack of government control.
Dalio did, however, admit to owning bitcoin in 2021.
Dalio gave up control of Bridgewater in October 2022. He had previously stepped down as the hedge fund's chairman and CEO in 2o21 and 2017, respectively.
