Ray Dalio, a billionaire fund manager and investor has stated that he is genuinely impressed by the longevity of Bitcoin over the last ten years or so. Dalio is a former vocal Bitcoin critic and once called it “the worst investment in the world”. But, the cryptocurrency’s long life and continued successes has moved even the staunchest of critics and many now hold a favourable opinion of the digital currency.
Bitcoin’s total history is around 12 years and it has made tremendous progress since then. The cryptocurrency started at a valuation of around $0.10 and recently posted a massive all time high of around $69k. While the bearish pullbacks have been harsh as well over the years, Bitcoin has perserved and bounced back up every time. Most of the critics believed that the crypto sector was a fluke and it would go away soon enough. But, they were proven wrong over the years as Bitcoin simply refused to die.
Ray Dalio, the billionaire hedge fund manager and founder of Bridgewater Associates in a recent interview with Yahoo! Finance stated that the cryptocurrency’s long-term success is impressive.
Dalio stated:
“I think it’s impressive that for the last 10-11 years, that programming has held up. It hasn’t been hacked, and it has an adoption rate,”
Dalio’s point of views have taken a 180 turn over the last year or so. He went from an absolute Bitcoin critic to a kind of skeptic to holding somewhat neutral views and eventually he is now close to joining the crypto bandwagon. He once called it the worst investment in the world and then he softened his tone in 2020 but still remained critical by stating the complete lack of buyer protection and criticising its store of value concept. By the start of 2021, he completely shifted his tone and called it “one hell of an invention”.
He then went on to say:
“[People see crypto]as an alternative money in an environment where the value of cash money is depreciating in real terms.”
This is very true as inflation hit 40-year-old records earlier this year in the United States alone, causing the government to take some drastic measures like increasing the interest rates and tapering the economy.
Bitcoin has a history of proving its critics wrong and not just by a small margin, oh no. Bitcoin progresses in such a fashion that it wipes the floor with its critics’ statements. Fear Uncertainty and Doubt (FUD) has historically been rampant in the market and that is why it is the people who have stood fast with the crypto sector are the ones that have made the most from their investments.
Image Source: pixabay.com
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