UpdatesFeb 04, 2023

Bitcoin will not solve the problems of fiat currencies, says Ray Dalio

The American billionaire spoke about digital currencies.

Bitcoin or stablecoins are not the solution, Dalio believes. Members of the cryptocurrency community used Twitter to express their opinion on the American billionaire's statements.

In a recent interview with CNBC's Squawk, Ray Dalio shared his view on Bitcoin as a potential solution to fiat currency problems. The billionaire argued that the oldest cryptocurrency may not be used as a value-holding asset or as a medium of exchange. Dalio also stressed that stablecoins are a replica of state-backed currencies (CBDC) and will not be an efficient form of money either. Bitcoin supporters were quick to respond to this interview, commenting that Dalio is wrong because BTC already fits the money scheme.

Bitcoin supporters respond instantly to Ray Dalio's words

A member of the cryptocurrency community tweeted: It's funny how Dalio perfectly describes what money should be and yet fails to see that Bitcoin has it all. Ray, you need Saylor's help to see the light.

In addition, a Twitter user cited various inherent characteristics of Bitcoin and pointed out that this is the solution Dalio is looking for. According to a member of the community, the oldest cryptocurrency's resistance to censorship, neutrality, openness, limited supply and freedom from control make it the answer to the monetary problem that Dalio described.

Meanwhile, another member of the BTC community said Dalio gave them the "orange pill" based on his insights into the history of money. A Twitter user believes the interview shows the billionaire is close to "truly understanding Bitcoin."

Dalio has historically changed its position on the main virtual currency. In 2021, he abandoned describing Bitcoin as a "hell invention" and moved to a more negative narrative, talking about a potential BTC ban in the United States and claiming that he would choose gold over the king of cryptocurrencies.

Later, there was a slight change, because in 2022 the billionaire recommended the allocation of capital towards Bitcoin. At the same time, he encouraged institutional investors to invest 1% to 2% of available funds in BTC. At that time, Dalio praised BTC for its resistance to external attacks and said that Bitcoin has no competitor in the market.