In a Twitter thread posted on Nov. 17, Dalio stated he believed that Bitcoin (BTC) was not an effective medium of exchange nor a store of value due to its volatility. He also asserted that governments could outlaw crypto assets if they became a threat to fiat currencies. However, he also admitted he “might be missing something” and invited others to chime in with their explanations.
“I can’t imagine central banks, big Institutional investors, businesses or multinational companies using [Bitcoin],” said Dalio. “If I’m wrong about these things I would love to be corrected.”
I might be missing something about Bitcoin so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple… (1/5)
— Ray Dalio (@RayDalio) November 17, 2020
Dalio’s remarks came following a BTC price surge, as the crypto asset rose past $17,500 in less than 24 hours. The bullish news led to many contributors in the space sharing their views