As the bitcoin correction intensifies, fear, uncertainty and suspicion have returned, and billionaire hedge fund manager Ray Dalio has added a whole bunch of them.
In an interview with the editor of Yahoo Finance on March 24, the founder of the $ 150 billion Bridgewater Associates hedge fund said there was a “high probability” that the US government could ban Bitcoin, as it did with gold ownership in the 1930s.
This was because government leaders at the time did not want gold to compete with paper money and credit as a store of value, Dalio added.
“They do not want other money to work or compete because the situation can get out of hand. So I think it is very likely that under certain circumstances you have a way gold has been banned. ”
Billionaire hedge fund manager and philanthropist who called Bitcoin a “hell of an invention” and compared it to gold in January, noted that the Indian government is already trying to ban Bitcoin and cryptocurrency trading altogether. He added that he was not an expert, but stressed that it can be traced and the government can decide who does it.
There was little light at the end of Dalio’s gloomy outlook, but then he admitted that Bitcoin has stood the test of time as an asset class.
“Bitcoin has proven itself in the last 10 years and has not been hacked. Overall, he worked on an operational basis. He gained many followers. In a way, it is an alternative, a store of value. It’s like electronic money. And that’s the pros. ”
On March 16, Dalio said the US government could target those who release the dollar in exchange for bitcoin, as it becomes “inhospitable to capitalism” in preparation for “shocking” tax changes aimed at overcoming the sovereign debt crisis.
Comments come in as the bitcoin correction continues to deepen as there are signs that the beef market is entering its final phase. BTC corrects 13.5% from a full-time $ 60,100 to current prices of around $ 52,000.