Billionaire and Bridgewater Associates hedge fund manager Ray Dalio said he bought "some" BTC because he thinks bitcoin is a good store of value.
Dalio said that he owns a certain amount of bitcoin, but never disclosed the exact amount of his investment. The billionaire explained that the U.S. dollar is on the verge of a devaluation that was last seen in 1971. The situation is exacerbated by the fact that because of the Chinese yuan dollar may lose its status as the world's reserve currency.
In such an environment, bitcoin looks increasingly attractive as a savings instrument. The billionaire suggested that many states may outlaw bitcoin when it becomes a serious competitor to traditional financial instruments. Governments would be forced to take tough measures if people start selling bonds in fiat currencies en masse to buy bitcoin.
According to Dalio, the more money that goes into bitcoin, the less influence governments can have on it. The billionaire also called bitcoin an alternative to gold and a "devilishly inventive" asset whose potential cannot escape Bridgewater's attention. Bridgewater's founder once spoke out against bitcoin, calling it a "bubble and a scam," but has changed his position over time.
