Ray Dalio : governments won’t let bitcoin win
The billionaire and hedge fund manager of the world’s largest hedge fund (Bridgewater Associates), Ray Dalio said in an article published in linkedin post entitled “What I Really Think of Bitcoin” that he doesn’t see governments letting bitcoin win.
Dalio started by complimenting the technology :
I believe Bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment.
Dalio also believes that bitcoin is already an “alternative gold-like asset” and have space for more growth because the world doesn’t have many gold-like alternatives :
Those who have built it and supported the dream of making this new kind of money a reality have done a fabulous job of sustaining that dream and moving Bitcoin (by which I mean it and its analogous competitors) into being an alternative gold-like asset.
There aren’t many alternative gold-like assets at this time of rising need for them (because of all the debt and money creations that are underway and will happen in the future).
Dalio stated that he doesn’t see the government allowing bitcoin to flourish as an alternative to printed money :
When I a) put myself in the shoes of government officials, b) see their actions, and c) hear what they say, it is hard for me to imagine that they would allow Bitcoin (or gold) to be an obviously better choice than the money and credit that they are producing. I suspect that Bitcoin’s biggest risk is being successful, because if it’s successful, the government will try to kill it and they have a lot of power to succeed.
He also told Yahoo Finance in November 2020 that governments will “outlaw” bitcoin if it continues to grow and starts to become “material.”
[Governments will] use whatever teeth they have to enforce that. They would say, OK, you can’t transact the bitcoin, you can’t have a bitcoin,
So you dear reader, what do you think about Dalio’s point of view ?