Ray Dalio warned: Bitcoin holders should be ready for an 80% drop
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Investor and billionaire Ray Dalio said on Chris Williamson’s podcast that he owns Bitcoin, but prefers gold. forklog writes about it.
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What Dalio says
“I don’t understand why people lean more towards bitcoin than gold. At the international level, gold is the third largest reserve asset for central banks. First, dollars, then euros, gold and Japanese yen,” he said.
According to Dalio, the precious metal is “timeless and universal.” At the same time, bitcoin requires close attention from investors because of its volatility, he added.
“You should be prepared for its significant drop, by 80% or so,” the investor warned.
Let’s remind
Dalio previously doubted the ability of bitcoin to replace fiat currencies. In May 2022, the billionaire said that the first cryptocurrency is a good insurance against inflation, but not a full-fledged alternative to gold.
According to Mike Novogratz, CEO of Galaxy Digital, the price of the first cryptocurrency will reach $40,000 when the US Federal Reserve System starts lowering the key rate.
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Source: Ministry of Finance
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