For Ray Dalio, Bitcoin is like a digital form of gold, but the billionaire obviously values one more than the other.
“If you put a gun to my head and say, ‘I can only have one,’ Dalio said, “I would choose gold.”
Dalio, who will turn 72 on Sunday, revealed in May that he possessed an undisclosed amount of Bitcoin, after expressing concerns about cryptocurrencies for years. However, he is not entirely convinced by the concept.
“I have a very small amount of Bitcoins. I’m not a big owner,”Dalio said. According to him, certain assets must be held to diversify the portfolio, and Bitcoin is something like digital gold.
In 2017, Dalio resigned as Co-CEO of Bridgewater Associates after making his company the largest hedge fund in the world. He is now president and co-chief investment officer of Bridgewater, and he reappeared in the corporate world last year with the launch of Principles, a people management software startup.
He has been a bit bullish on gold for a long time: In 2019, he wrote on LinkedIn that adding gold can help balance one’s portfolio because it reduces risk and enhances returns.