From bitcoin basher to bitcoin owner, Ray Dalio is the latest to join the ranks of uturners, the most famous of whom perhaps until now was the French finance minister Bruno Le Maire.
Just months ago Dalio said the government will ban bitcoin. This January he revealed he actually didn’t know much about bitcoin at all. So his asset management firm, Bridgewater Associates, started studying it.
They have about $100 billion in assets under management with their analysis concluding that bitcoin is “like an option on a potential storehold of wealth.”
It wasn’t clear however where their analysis was going to lead as far as their own funds are concerned, but a new hint of direction has arrived with Dalio saying in an interview at Consensus: ‘I have some bitcoin.’
The interview is still to be aired with it unclear just how much he has or when he bought them, but narratively Dalio shares a lot with bitcoiners in as far as he thinks fiat money has been devalued for 500 years and has now entered its last phase.
So it sounds like he has become a bitcoiner with it to be seen whether what some call the world’s largest hedge fund is to join in diversifying to digital assets as a hedge against inflation and/or the fiat banking system with Dalio stating he’d rather have bitcoin than a bond in an inflationary scenario.