Bridgewater founder Ray Dialo likens Blockchain to be Digital Gold while speaking in Davos
May 25, 2022 8:02 AM
The world has been buzzing about the ongoing World Economic Forum(WEF) meeting in Davos, Switzerland, which began on May 22 and ends on May 26. Speaking at the event is Bridgewater Associates founder Ray Dalio who spoke about the economy of today, the Federal Reserve, cash, and digital currencies such as crypto.
The billionaire stated at the WEF conference that he believes in blockchain and its great, but wants a new name for the tech as he said “ let’s call it a digital gold. ”
Among the notable attendees at World Economic Forum event in Davos, Bridgewater Associates founder and billionaire Ray Dalio spoke about the economy
Ray Dalio spoke on the future of money and the U.S. central bank’s coming financial policies. The hedge fund manager believes the Fed has nothing left to do but sell as he opined that “ The Federal Reserve is going to sell, individuals are selling, foreigners are selling, and the U.S. government is selling because it has to fund its shortage, ” a few takes from Dalio’s interview notes. Additionally, he said “there’s going to be a supply/ demand problem, that means that it produces a squeeze.”
Dalio’s outlook is dark and he’s not the only one in Davos at the ongoing WEF meeting that believes the global economy faces multiple pitfalls. Also, Dan Burns a Reuters reporter from the WEF meeting pointed that specific dangers like the Ukraine- Russia war, food scarcities, and the recent Covid- 19 lockdowns in China have “ no clear end ” and “ have compounded the gloom.”
Meanwhile, Germany’s vice-chancellor Robert Habeck accepts and said We've at least four heads, which are simple. We've high affectation, we've an energy extremity, we've food poverty, and we've a climate extremity. And we can’t break the problems if we focus on only one of the heads.
Dalio Discusses Bitcoin’s ‘ Little Spot Relative to Gold ’
The Bridgewater Associates founder explained at the WEF event that right now cash is garbage. “ Of course, cash is still trash, ” Dalio told the CNBC journalist. “ I ’m asking you, do you know how swiftly you ’re losing purchasing power in cash? ” the hedge fund manager asked. Dalio further elaborated by clarifying what he means by saying cash is trash.
“ When I say cash is garbage, what I mean is all currencies in( relation) to the euro, in relationship to the yen, ” Dalio stressed. “ All of those currencies like in the 1930s will be currencies that will go down in( relation) to goods and services. ” In addition to speaking about currencies and cash in Davos, Dalio spoke about cryptocurriences being a form of digital gold
“ Cryptocurrencies in particular – I think blockchain’s great, ” Dalio said to the host of CNBC’s broadcast Squawk Box. “ But let’s call it a digital gold. I suppose a digital gold, which would be a bitcoin sort of thing, is something that — likely in the interest of diversification of finding an option to gold — has a little spot relative to gold and yet relative to other assets.”
While its been understood since May 2021 that Dalio had personally invested in bitcoin( BTC), four sources explained to the crypto journalists Danny Nelson and Ian Allison in March 2021, that Bridgewater Associates would use a “ small slug of their fund fixed directly into digital assets.