The founder of Bridgewater Associates has shared his view about the future projects of the premier crypto, Bitcoin. According to Ray Dalio, Bitcoin may not hit the million-dollar mark.
Dalio currently serves as Bridgewater Associates’ chairman and co-chief investment officer. When asked if Bitcoin will reach a very high number, he said:
“I don’t think that’s possible.”
“The way I look at it is there’s a certain amount of it [bitcoin] and there is a certain amount of gold, I’ll use gold as a benchmark”.
An important point to keep in mind, the market cap of bitcoin is currently about $1 trillion. On the other hand, the market cap of the entire crypto market is about $2.2 trillion.
Moving on, he tried to explain his point of view:
“If you take the amount of money that is in gold that is not used for jewelry purposes and not used by central banks — and I assume bitcoin won’t be used for jewelry purposes or central bank purposes — that amount of gold is about $5 trillion. So right now if you were to have a portfolio that has gold and … bitcoin, it’s worth about 20% of the value of gold.”
His emphasis was basically on the view that Bitcoin will not become more worthy than gold. Also, he revealed that he owns a small amount of crypto in his portfolio for diversification. He is equally impressed with the technology and programming behind it:
“I think it’s very impressive that, for the last 10, 11 years, that programming has still held up. It hasn’t been hacked and so on, and it has an adoption rate.”