Once a vocal Bitcoin (BTC) critique, billionaire investor Ray Dalio now believes the digital currency has proven its place in diversified investment portfolios.
Speaking at the Texas A&M Bitcoin conference, the founder of the $150B hedge fund Bridgewater Associates said, “Bitcoin has proven itself…as money with imputed value.”
“I like the diversification of those kinds of assets,” he added.
Dalio, who in recent months admitted he might be “missing something” about the largest cryptocurrency went on to explain that his belief in BTC comes from the fact that the digital asset had never suffered a hack, has solid programming, and its adoption continues to grow.
“We’re in the part of the cycle where we’re gonna produce more debt and more money, and the time for something with intrinsic value and the limited supply is appropriate. That’s true of gold, but also bitcoin has proven those things in many ways,” Dalio said.
Apart from Dalio, the Bitcoin conference featured other high-profile speakers, including prominent investor Tim Draper, MicroStrategy CEO Michael Saylor who in late February told CNBC he sees bitcoin’s market cap hitting $100 trillion one day, Rob Kaplan of the Federal Reserve Bank of Dallas, and Billionaire hedge fund manager Bill Miller.
BTC’s trading remains highly volatile. The cryptocurrency fell by as much as 15% Sunday. At last check, the digital token, which in late fiscal 2017 spiked to nearly $20K, before nosediving to under $4,000 the following year, was changing hands at $55,694.