Dalio - Bitcoin might get banned

Nobert

Nobert

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I respect Dalio and learned a few things from his free material.
But he admitted himself being ignorant about cryptocurrency not a long time ago.
He is often looking at history repeating itself, but cryptos don't have much history.
He wrote a piece about BTC last year, and he was warning that one of the probable demise of BTC could be a government ban, or other more functional tokens, interesting point.
But since I read that article BTC gained about 30%.
 
cesfx said:
I respect Dalio and learned a few things from his free material.
But he admitted himself being ignorant about cryptocurrency not a long time ago.
He is often looking at history repeating itself, but cryptos don't have much history.
He wrote a piece about BTC last year, and he was warning that one of the probable demise of BTC could be a government ban, or other more functional tokens, interesting point.
But since I read that article BTC gained about 30%.
More...

Bitcoin is still part of history, in the end it's still controlled by people and thus governments. Whether it's directly or indirectly. There's nothing new in history, it's just a twist on the same old story.
 
I'm also not a big fan of him, I highly respect the knowledge and the performance of his funds over the years, but lately he had become paranoid about the future, more Dr doom then the realist he once was, I would listen to him but make my own decisions, his comments are one more variable in the equation
 
cesfx said:
But he admitted himself being ignorant about cryptocurrency not a long time ago.
He is often looking at history repeating itself, but cryptos don't have much history.
He wrote a piece about BTC last year, and he was warning that one of the probable demise of BTC could be a government ban, or other more functional tokens, interesting point.
But since I read that article BTC gained about 30%.
More...

I trust more in Dalio being" ignorant" than in the many people I know who bought bitcoins thinking they know everything.
Realizing that you are ignorant is better and safer than not realizing that you are ignorant, while thinking you are the expert.
Smart people know they don't know everything, stupid people always think they know everything.

The fact that BTC still gained 30% is irrelevant. In history many experts warned for bubbles while these bubbles were still growing. In 2017 some people warned for a huge correction long before the BTC reached his top end of 2017. But they were right, BTC dropped 80%. So history proved that a 30% gain can still end in a 80% crash.

Governments only have disadvantgaes with BTC, no advantages.
Some of these disadvantages:
  • it can interfere with their money policies
  • drugs and crime financial circuits are hidden
  • fiscal controls are more difficult
  • partial anonimity makes it more difficult to catch illegal transactions
  • ...
 
I have more confidence in Dalio's "ignorance" than in the many people I know who bought bitcoins believing they were experts.
Knowing that you are ignorant is preferable to not knowing that you are ignorant and believing that you are an expert.
 
Dalio also says that at the end of leveraging cycles, governments destroy the currency in order to keep things from falling apart. He is known for saying that cash is trash. So what's one to do, be afraid they will ban bitcoin and just sit on cash and let they take your wealth? He likes Asian shares, but using his logic, the Chinese Yuan will be banned, so that's out of the window. He is also afraid of a ban on gold (per his articles), so whats one to do, not own gold as well?
Dalio's opinion is informative but also irrevalent, you got to do what you got to do to proctect your wealth. Not be paranoid about some scenarios and let them inflate your savings away
 
Daal said:
Dalio also says that at the end of leveraging cycles, governments destroy the currency in order to keep things from falling apart. He is known for saying that cash is trash. So what's one to do, be afraid they will ban bitcoin and just sit on cash and let they take your wealth? He likes Asian shares, but using his logic, the Chinese Yuan will be banned, so that's out of the window. He is also afraid of a ban on gold (per his articles), so whats one to do, not own gold as well?
Dalio's opinion is informative but also irrevalent, you got to do what you got to do to proctect your wealth. Not be paranoid about some scenarios and let them inflate your savings away
More...

As of Jan. 13, 2021, Dalio has a net worth of $16.9 billion. So he clearly knows something about finances.

What's your net worth?
 
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