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For Billionaire Ray Dalio, bitcoin is like a digital version of gold – but not quite.
Dalio said and I quote, “If you put a gun to my head, and you said, ‘I can only have one, I would choose gold.”
Dalio revealed in May that he owns an undisclosed amount of bitcoin, after previously raising concerns about cryptocurrencies for years. Still, he isn’t completely abandoning everything else he has.
He bought into bitcoin and owns a small amount because he believes in diversifying. He said that he believes bitcoin is something like digital gold.”
In 2017, Dalio stepped down as co-CEO of Bridgewater Associates after building his company into the world’s largest hedge fund. He now serves as Bridgewater’s chairman and co-chief investment officer, and reemerged into the entrepreneurial world last year by launching Principles, a people management software startup.
He has long been a bit of a gold bull. In fact, in 2019, he wrote on LinkedIn that adding gold can help balance one’s portfolio because it is both risk-reducing and return-enhancing. Last year, Bridgewater poured more than $400 million into gold during the second quarter.
Globally, central banks currently hold more than 35,000 metric tons of gold, about a fifth of all gold ever mined, according to Reuters. Typically central banks hold gold to diversify their reserves — and since gold is a finite physical commodity, it is a natural hedge against inflation.
Dalio also believes that Bitcoin can also help hedge against inflation. But if forced to choose between gold and bitcoin, he says he’d pick gold due to its long history as a “storehold of wealth,” meaning an asset that can be held and converted into money at a relatively similar rate as its purchase price.
In other words, bitcoin’s volatility is a concern for Dalio — and not his only one.
In Dalio’s mind, there is “a reasonable chance” that bitcoin could eventually be outlawed by the federal government.
The nearly century-old precedent can be traced back to 1934 when President Franklin D. Roosevelt signed the Gold Reserve Act, transferring all of the country’s privately held gold titles and certificates to the United States Department of Treasury.
At the time, the U.S. adhered to the gold standard; Roosevelt hoped to boost the country’s economy coming out of the Great Depression by devaluing the dollar. Any major economic downturn or inflationary event, Dalio told Yahoo Finance in March, could prompt similar action on bitcoin and other cryptocurrencies from federal governments across the world.
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