Although billionaire Ray Dalio believes that fiat is in danger, he also believes that neither bitcoin (BTC) nor stablecoins are the answer. In response, members of the crypto community took to Twitter to express their views on the issue..
In a recent interview on CNBC’s Squawk, Dalio shared his opinion on bitcoin as a possible solution to the problems of fiat currencies. The billionaire argued that it would not be effective as a repository of wealth and a medium of exchange.. Dalio also noted that stablecoins are replicas of state-backed coins and would also not be an effective form of money.
Bitcoiners were quick to respond to the interview, commenting that bitcoin already fits Dalio’s description of what money should be.. A community member tweeted:
Also, a Twitter user quoted several characteristics inherent to bitcoin and pointed out that it is the solution that Dalio is looking for. According to the community member, bitcoin’s resistance to censorship, neutrality, openness, limited supply and freedom of control make it the answer to the monetary problem that Dalio described..
For his part, another member of the bitcoin community said that Dalio had “given the creeps” with his ideas about the history of money. The Twitter user believes the interview proves the billionaire is close to “really understanding bitcoin”.
Dalio has historically gone back and forth regarding his position on bitcoin. In 2021, he went from describing bitcoin as “a hell of an invention” to a more negative narrative, talking about a possible bitcoin ban in the United States and saying he would choose gold over bitcoin..
In 2022, the billionaire recommended a bitcoin allocation of 1% to 2% for investors’ portfolios.. By then, Dalio praised BTC for its resistance to hacking, saying it has no better competitor on the market..
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