Bitcoin
BTC
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The bitcoin price has climbed back above $23,000 per bitcoin for the first time since August, up from under $17,000 just last month. Ethereum
ETH
Now, legendary billionaire Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, has warned the world is hurtling toward a currency crisis due to inflation—and prosed an “inflation-linked” bitcoin and ethereum alternative that could preserve purchasing power.
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Bridgewater Associates founder Ray Dalio has said the U.S. dollar is in “jeopardy” but thinks the … [+]
“We are in a world in which money as we know it is in jeopardy,” Dalio told CNBC in an interview. “We are printing too much, and it’s not just the United States, it is all the reserve currencies.”
Bitcoin is “a tiny thing that gets disproportionate attention,” Dalio said. “It’s not going to be an effective money. It’s not an effective store holder of wealth. It’s not an effective medium of exchange.”
Dalio, who has warned against holding dollars in recent years with the line “cash is trash,” also dismissed traditional currency-pegged so-called stablecoins and called for the creation of an “inflation-linked” version of bitcoin.
Inflation has rocketed to a 40-year high in the U.S. over the last year, forcing the Federal Reserve to embark on a series of interest rate hikes.
“If you created a coin that says ‘OK this is buying power that I know I can save in and put my money in over a period of time and transact in,’ then I think that would be a good coin,” Dalio said. “So I think you’re going to see the development of coins that you haven’t seen that probably will end up being attractive, viable coins. I don’t think bitcoin is it.”
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The bitcoin price has swung wildly over the last few years, peaking at almost $70,000 per bitcoin in … [+]
The bitcoin price has roared back so far in 2023 after suffering a devastating crash through 2022.
“Bitcoin is on track for its best January since 2013 based on hopes that inflation has peaked, monetary policies become more favorable, and the various crypto-sector crises, including high-profile bankruptcies, are now in the rear-view mirror,” Nigel Green, the chief executive of financial advisor deVere Group, said in emailed comments.