Billionaire investor and Bridgewater founder Ray Dalio recently said that the trend of Bitcoin is not reliable. Dalio appears to favor gold over Bitcoin.
Dario said bluntly on a show on Wednesday (April 26), "I prefer gold."
According to data from the World Gold Council, the amount of gold purchased by central banks increased 152% year-on-year in 2022 to 1,136 tons, reaching a new high since 1967.
Speaking of Bitcoin, Dalio said that he is not a big fan of Bitcoin, but he also has "a little bit of Bitcoin."
However, he pointed out that even those who hold small amounts will pay special attention to Bitcoin’s volatility.
Bitcoin's high volatility and risk limit how much investors can hold it. Dalio believes, "Like I said, you have to be prepared for a bitcoin crash, it could fall by 80% or more...so I'm not very bullish on bitcoin."
A report from Standard Chartered Bank on Monday mentioned that Bitcoin is also an attractive asset during times of stress in the financial system due to its decentralization. The bank believes that Bitcoin could soar to $100,000 per coin by the end of 2024.
Bitcoin has soared 80% so far this year and is currently priced at about $30,000 a coin, though it remains well below the 2021 high of $67,000.
In contrast, gold futures are trading at $2,000 an ounce and have risen 8% this year.
