In a Twitter feed posted on Tuesday, Dalio claimed that Bitcoin was neither an effective exchange medium nor a store of value due to its volatility. He also believed that if they were a threat to fiat currencies, governments could outlaw crypto assets. However, he also acknowledged that he “might be missing something” and encouraged others to give an explanation for their theories.
“I can’t imagine central banks, big Institutional investors, businesses or multinational companies using [Bitcoin],” said Dalio. “If I’m wrong about these things I would love to be corrected.”
Dalio’s comments come during the BTC market spike when the crypto commodity soared above $17,500 in less than 24 hours. Bullish reports prompted many space contributors to share their views with the billionaire. “Let’s put this way… Bitcoin is money, everything else is credit,” said Mati Greenspan.
Meltem Demirors, Chief Strategy Officer at CoinShares, gave a more in-depth response to her assumption that BTC could be used successfully for transfers, but noted that it was “a savings technology at its core.” BlockFi CEO Zac Prince followed with a thread of his own, answering each of Dalio’s points in turn. He listed newly embraced Bitcoin institutional investors, including Fidelity Digital Assets, Square, Paul Tudor Jones, Bill Miller and Stanley Druckenmiller, to name a few. According to cointelegraph.com, last Thursday, Dalio said that he believed that governments would be likely to step up their attempts to limit cryptocurrencies if they saw material growth. His comments came when the BTC price was around $2,000 lower than it is today—$15,700 compared to $17,732.
