A famous Bitcoin Billionaire, Ray Dalio admits that his understanding might be wrong about the probable ban on the trading of Bitcoin. Earlier in his statement he mentioned that he was sensing a move in Government for imposing a ban on Bitcoin.
Ray Dalio is a prevalent hedge fund manager who had established the Bridgewater Associates in 1975. The company was established for managing assets and over the years became the world’s largest custodian of funds. According to statistics Dalio is currently holding and managing the largest crypto hedge funds of the world exceeding US$138 Billion. He was also referred to as “Steve Jobs” in the asset managing business and industry by several magazines. Dalio had also been included in the list of most influential individuals of the US.
In his earlier statement, Dalio had stated that people had attached high hopes with cryptocurrencies. But the cryptocurrencies are not benefitting enough to return what they had been expecting, he added. He also said that Bitcoin is an unruly horse and that the Government might impose a ban at any time.
But looking at the Bitcoin’s price surge of 55% in the past couple of months, the billionaire had taken a u-turn. He stated that his opinion regarding Bitcoin might be wrong but he would expect someone to apprise him correctly.
He later on started sharing his understanding of Bitcoin on the famous social media platform, Twitter. A series of posts were then posted by Dalio. He started off by saying that Bitcoin isn’t a best product for trading because it only offers a few products in exchange. In his second tweet he stated that Bitcoin does not appeal him because it does not support his purchasing power. He based his opinion on the claim that Bitcoin has high volatility but lacks correlation with other products’ prices.
Thereafter various Bitcoiners gathered for responding to Dalio’s tweets. Zac Prince who is the CEO of Blockfi tried to reason with Dalio by addressing his concerns. Some of them also commented that either Dalio or his firm will be buying cryptocurrencies sooner or later. One of those believers was Bill Barhydt of Abra who placed a bet on Dalio’s buying Bitcoin in six months.