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Billionaire investor Ray Dalio is impressed with bitcoin, the biggest cryptocurrency by market worth, and its blockchain.

“It has been an incredible accomplishment for bitcoin to have achieved what it has accomplished, from writing that program, not being hacked, having it work and having it adopted the best way it has been,” Dalio, founding father of the world’s largest hedge fund, Bridgewater Associates, instructed MarketWatch on Wednesday.

“I consider within the blockchain expertise. There’s going to be that revolution, so it has earned credibility.”

Dalio reconfirmed that he owns “a bit bit” of bitcoin, calling it “virtually a youthful technology’s various to gold,” he mentioned. “Bitcoin is like gold, although gold is the properly established blue-chip various to fiat cash.”

Equally, bitcoin supporters see the asset as a digital gold, a retailer of worth and a hedge towards inflation.

“It has no intrinsic worth, nevertheless it has imputed worth, and it has due to this fact some advantage,” Dalio mentioned.

By design, there’s a restricted provide of bitcoin. This shortage is central to why bitcoin bulls argue for holding the cryptocurrency long-term — as demand will increase and provide declines, its worth might theoretically respect.

Nonetheless, Dalio continues to be involved about the opportunity of governments outlawing it.

“Bitcoin has numerous different points. If it is a risk to governments, it should in all probability be outlawed in some locations when it turns into comparatively engaging,” he mentioned. “It will not be outlawed in every single place. I do not consider that central banks or main establishments may have a major quantity in it.”

However, consultants say it might be fairly troublesome for a authorities to successfully ban bitcoin.

“I do not suppose even a concerted effort amongst completely different nations and completely different central banks might really shut down bitcoin,” James Ledbetter, editor of fintech publication FIN and a CNBC contributor, beforehand instructed CNBC Make It. “I do not suppose that is technologically potential. However there are methods that bitcoin may very well be regulated.”

Nonetheless, “I am not an skilled on bitcoin,” Dalio instructed MarketWatch, “however I believe it has some advantage as a small portion of a portfolio.”

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Do not miss: Billionaire Ray Dalio says he owns bitcoin, and its ‘best danger is its success’

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