Ray Dalio, the famous founder of Bridgewater Associates, described Bitcoin (BTC) as “a hell of a good invention,” adding that he is considering investing in digital assets for customers looking to protect themselves from currency depreciation.
In a communication to customers received by Bloomberg News, Dalio described Bitcoin’s store of value features as “an amazing feat” and as one of the few “alternative gold-like assets with increasing demand for them at this time.”
“To have invented a new type of money through a system programmed into a computer that has worked for about ten years and is rapidly gaining popularity as a type of money and storage for wealth is an amazing achievement.”
Bridgewater Associates is the world’s largest hedge fund with approximately $ 160 billion in assets under management. Institutional investors and other high net worth individuals trust the company to generate constant returns regardless of the market environment.
Like other hedge fund managers, Dalio has criticized Bitcoin in the past. In November 2020, he criticized BTC for its excessive volatility, claiming it could never be an effective medium of exchange or store of value. He quickly withdrew his statement as the price of Bitcoin rose to new all-time highs.
“I may be missing something in Bitcoin, so I would like to be corrected,” he said in a tweet on November 17, 2020.
I may be missing something about Bitcoin so I would like to be corrected. My problems with Bitcoin as an effective currency are simple … (1/5)
– Ray Dalio (@RayDalio) November 17, 2020
In his notice to customers, Dalio admitted that Bitcoin had managed to cross the line from a speculative idea to an asset of real value. He noted that Bridgewater is focused on providing alternative stores of value through alt-cash funds that can protect investors from currency devaluations.
“Bitcoin will not escape our scrutiny,” he said.