Great news.
Ray Dalio Says He ‘Might Be Missing Something’ About Bitcoin
- Thread starter johnarb
- Start date
Great news.
Bill Miller, Paul Tudor Jones and Stanley Druckenmiller have invested in bitcoin (futures) and now Ray Dalio is almost there. Great stuff for bitcoin.
https://www.bloomberg.com/news/arti...s-he-might-be-missing-something-about-bitcoin
Ray Dalio Says He ‘Might Be Missing Something’ About Bitcoin
By
Nathan Crooks
November 17, 2020, 8:30 AM PST
Ray Dalio Photographer: David Paul Morris/Bloomberg
Ray Dalio said Tuesday that he might be missing something about Bitcoin as the cryptocurrency passed $17,000 for the first time in almost three years.
I might be missing something about Bitcoin so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple... (1/5)
— Ray Dalio (@RayDalio)November 17, 2020
“It’s not very good as a store-hold of wealth because its volatility is great and has little correlation with the prices of what I need to buy,” the billionaire founder of Bridgewater Associates said in a series of posts on Twitter, adding that governments could eventually outlaw it if it started to compete with the currencies they control.
2) it’s not very good as a store-hold of wealth because it’s volatility is great and has little correlation with the prices of what I need to buy so owning it doesn’t protect my buying power, and... (3/5)
— Ray Dalio (@RayDalio)November 17, 2020
“I can’t imagine central banks, big Institutional investors, businesses or multinational companies using it,” Dalio added. “If I’m wrong about these things I would love to be corrected.”
Yeah, how sharp of an asset manager are you if you missed the best performing asset of the last decade and quite possibly for this decade as well. It is certainly off to a ‘wake up and take notice start.’
sharp enough to be a billionaire
Yeah, but gotta keep up with the times!
True, but Cryptos are in infant stage. Plus stable coins printing like USDT is a huge issue. I am shocked how many people never even heard of them.
I assume you understand that there has to be a buyer if the bubble is to continue? Maybe you don't.....
The tulip mania, beanie baby bubble viewpoint has been invalidated.
No one has been able to give an example of a historical bubble where the bubble pops and three years later price is back up to the same level.
If people want to shit on Bitcoin they need to run with a different narrative, that is if they want to be taken seriously, especially traders.
How do you know it's a bubble? Just because something goes a lot higher doesn't always mean bubble especially with something totally new like Bitcoin where nobody has a proper clue what it's worth apart from a lot higher.
It's also a dangerous man that tries to call the top in an obvious cornering.
And with Bitcoin we've got a corner like no other corner before because of the hard 21m cap (no further supply can be found) and no government or Exchange can step in (like the Hunts or JP Morgan/Gold). But all the intial corner will do is elevate price a lot higher, then they'll likely stay there.
As for buyers, I think with Bitcoin right now you've probably got 10+ potential buyers for every potential seller. We're at the start of a corporate/insti buying spree. They want in and they'll get in and I don't think many care what price under $64k.
$64K = $1trillion cap, that will create more corporate/insti buying because then it will be clear - BTC is the native digital token to help further drive the new digital economy/revolution that the world is fast racing towards (alongside its other major benefits)...
PS. Buying Bitcoin even if people don't like it makes sense as you're hedging against being wrong. Everyone is right some of the time and wrong some of the time so who says people who dislike BTC will be right?
As for BTC bulls, the sensible ones know they a) can be wrong and have allocated an amount of money they're comfotable with losing, and b) where they will be wrong (BTC trades < $1k for a full year). Do the BTC bears know where they will be wrong? Nope and that's a dangerous postion to be in with Bitcoin because as some have argued if you're not long Bitcoin you're actually short and there's no position more lethal at present in ALL of investment than being short Bitcoin...
It's zero issue, that's why few talk about it apart from the Bitcoin bears.
People have been warning about Tether for years but it keeps rolling on. Plus, what's Tethers cap? Around $18b, so yes, that sounds about right, an $18b cap propping up a $330b market.
On USDT, while many say it's propping up BTC I disagree. USDT for better or worse is the fundamental digital rails on which arbitrage across multiple exchanges are done. Even in the presence of other stablecoins which are growing. It is by far the largest.
I would guess without the stabilizing effect of USDT in order to get prices somewhat in line across global exchanges, BTC would be even higher as there would be no shorts in the book.
I would guess without the stabilizing effect of USDT in order to get prices somewhat in line across global exchanges, BTC would be even higher as there would be no shorts in the book.