Billionaire investor and hedge fund manager Ray Dalio offered his view on bitcoin in an interview with CNBC Thursday. Referring to the world’s largest cryptocurrency, he said:
I think it’s been quite amazing that for 12 years it’s accomplished … But I think it has no relation to anything … It’s a tiny thing that gets disproportionate attention.
Noting that bitcoin’s total market value is less than a third of Microsoft’s stock, whose market cap stood at $1.92 trillion on Friday, Dalio asserted: “Biotech and many other industries are more interesting than bitcoin.” The billionaire opined:
It’s not going to be an effective money. It’s not an effective storehold of wealth. It’s not an effective medium of exchange.
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