Billionaire Ray Dalio Speaks in Davos — Says ‘Blockchain Is Great, however Let’s Call It Digital Gold’ – Bitcoin News

This week the world has been speaking concerning the World Economic Forum (WEF) assembly in Davos, Switzerland, which began on May 22 and ends on May 26. At the occasion, Bridgewater Associates founder Ray Dalio spoke about at present’s economic system, the Federal Reserve, money, and cryptocurrencies. Dalio famous on the WEF convention that he believes blockchain is nice, however says “let’s call it a digital gold.”

Billionaire Hedge Fund Manager Ray Dalio Says ‘There’s Going to Be a Supply and Demand Problem That Produces a Squeeze’

During the primary week of February, Bitcoin.com News reported on the billionaire Ray Dalio, the founding father of the world’s largest hedge fund, Bridgewater Associates. At the time, Dalio spoke about the way forward for cash and the investor mentioned that crypto shall be “outlawed, probably by different governments.” Currently, Dalio is in Davos, Switzerland, with the remainder of the world’s authorities officers, economists, and monetary big-wigs. The Bridgewater Associates founder spoke in an interview with CNBC’s Andrew Ross Sorkin on the printed Squawk Box.

Once once more, Dalio spoke on the way forward for cash and the U.S. central financial institution’s subsequent financial insurance policies. The hedge fund govt believes the Fed has nothing left to do however promote. “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 deficit,” an excerpt from Dalio’s interview notes. “So there’s going to be a supply/demand problem, that means that it produces a squeeze,” he added.

Dalio’s outlook is gloomy and he’s not the one one in Davos on the WEF assembly that believes the worldwide economic system faces a number of threats. Reporting from the WEF multi-day convention, Reuters reporter Dan Burns highlighted that particular threats just like the Ukraine-Russia warfare, meals shortages, and the latest Covid-19 lockdowns in China have “no clear end” and “have compounded the gloom.” Germany’s vice-chancellor Robert Habeck agrees and mentioned:

We have no less than 4 crises, that are interwoven. We have excessive inflation … we’ve got an power disaster… we’ve got meals poverty, and we’ve got a local weather disaster. And we are able to’t resolve the issues if we think about solely one of many crises.

Dalio Discusses Bitcoin’s ‘Little Spot Relative to Gold’

The Bridgewater Associates founder defined on the WEF occasion that proper now money is trash. “Of course, cash is still trash,” Dalio instructed the CNBC reporter. “I’m asking you, do you know how fast you’re losing buying power in cash?” the hedge fund govt requested. Dalio additional elaborated by explaining what he means by saying money is trash.

“When I say cash is trash, what I mean is all currencies in [relation] to the euro, in relationship to the yen,” Dalio burdened. “All of those currencies like in the 1930s will be currencies that will go down in [relation] to goods and services.” In addition to talking about currencies and money in Davos, Dalio talked about cryptocurriences being a type of digital gold.

“Cryptocurrencies in particular – I think blockchain’s great,” Dalio mentioned to the host of CNBC’s broadcast Squawk Box. “But let’s call it a digital gold. I think a digital gold, which would be a bitcoin kind of thing, is something that—probably in the interest of diversification of finding an alternative to gold—has a little spot relative to gold and then relative to other assets.”

While its been recognized since May 2021 that Dalio had personally invested in bitcoin (BTC), 4 sources explained to the crypto reporters Danny Nelson and Ian Allison in March 2021, that Bridgewater Associates would use a “small slug of their fund deployed directly into digital assets.” That similar month, the billionaire investor and hedge fund supervisor told the world that he thinks governments might apply taxes to cryptocurrencies that “could be more shocking than expected.”

What do you consider Ray Dalio’s opinions from Davos? What do you consider the hedge fund supervisor’s ideas about cryptocurrencies? Let us know what you consider this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com News concerning the disruptive protocols rising at present.