Ray Dalio thinks the kids may be alright after all. In an interview, 79 year-old hedge fund billionaire Ray Dalio said he owns some Bitcoin and believes crypto has a place in diversified portfolios.
- Dalio’s the founder of Bridgewater Associates, the largest hedge fund in the world. He’s regarded as one of the greatest innovators in the history of finance and Forbes lists him as hte 79th wealthiest person in the world.
What happened: Once a skeptic, Dalio praised Bitcoin’s durability saying, “It has been an amazing accomplishment for bitcoin to have achieved what it has done, from writing that program, not being hacked, having it work and having it adopted the way it has been”.
- Dalio says he owns Ether as well as Bitcoin and that cash might just be the “worst investment” right now.
Why it matters: Following other hedge fund managers like Stanley Druckenmiller and Mike Novogratz, Dalio is the latest finance boss to accept the value of cryptocurrencies. It’s another sign that traditional financial institutions, once on the sidelines, are becoming increasingly comfortable with investing in digital assets.