Ray Dalio surprised Bitcoin (CCC:BTC-USD) investors with the reveal that he now holds some of the cryptocurrency.
Dalio provided the update on his BTC investment during an interview with CoinDesk Chief Content Officer Michael J. Casey. The investor didn’t reveal how much of the crypto he currently holds.
Ray Dalio picking up Bitcoin is major news for the crypto. For some perspective, he’s the founder of Bridgewater Associates, which is the largest hedge fund in terms of assets under its control.
Dalio also made some other comments during that interview that are worth noting. That includes stating that he would rather have Bitcoin than bonds in the case of a devaluation of the U.S. Dollar.
Ray Dalio’s position on Bitcoin being better than bonds comes as he expects a possible crash for U.S. currency. He said the following about the matter during his interview with CoinDesk.
“All of those financial assets are claims on real stuff, real goods and services. And when the pile becomes very big, and the incentives for not holding that are no longer there, you have a problem.”
Of course, the one thing that crypto investors really want to know isn’t revealed by Dalio. He doesn’t go into detail about how much of the cryptocurrency he owns. His statement that he owns “some” is vague at best and leaves plenty of wiggle room when guessing how much he holds.
Ray Dalio picking up Bitcoin might not come as a surprise to some. The hedge fund founder has previously said that he expects the cryptocurrency to rocket to phenomenal levels. That includes expectations that a single BTC will be worth $1.2 billion in the next five years.
BTC was up 13.8% over a 24-hour period as of Monday morning.
Investors looking for more of the latest crypto news should keep on reading.
InvestorPlace offers a wide variety of coverage when it comes to cryptos. That includes the latest news from Ethereum (CCC:ETH-USD), Polygon (CCC:MATIC-USD), and Cardano (CCC:ADA-USD). You can find all of the most recent news for these at the links below.
More Monday Crypto News
- Ethereum Price Predictions: One Big Reason Analysts Think ETH Can Dethrone Bitcoin
- Polygon (MATIC) Price Predictions: Where Will MATIC Go After the Latest Crypto Crash?
- Cardano (ADA) Price Predictions: How High One Analyst Sees ADA Going in Early 2022
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.