TRON: All you need to know about this high-risk area for traders
The evidence in favor of Uniswap’s 78.5% domination of DEX market
Exploring the long-term bullish and bearish cases for Axie Infinity
Decoding what BTC leaving crypto-exchanges means for turtles, pigs, wolves
Filecoin: Will the next couple of months usher in an uptrend
Decoding what BTC leaving crypto-exchanges means for turtles, pigs, wolves
The full story behind the ‘Cardano > BTC, ETH in transaction volume’ narrative
If you want to take a loan to buy Bitcoin, your best bet might be…
Bitcoin to separate from S&P500 because of the Russia-Ukraine conflict?
Analyzing BTC’s bearish and bullish price action for the week ahead
The full story behind the ‘Cardano > BTC, ETH in transaction volume’ narrative
A whole lot of Ethereum [ETH] in your portfolio? Here are your LAMBO chances
Ethereum: Why ‘to buy or not to buy’ is not the question to ask
Up by 12.7% – Assessing why this L2 network’s on-chain activity shot up
Ethereum’s lowering gas fee could be a dangerous indicator for its price; here’s why
Published
on
By
Bridgewater Associates head, Ray Dalio recently appeared on Lex Fridman’s podcast. This hour-long interview covered several topics ranging from the collapse of Empires to Bitcoin, NFTs, and even the DOGE-Musk relationship.
Bitcoin, the largest cryptocurrency has come a long way. The evolution of the largest cryptocurrency has been an impressive one. Different upgrades coupled with institutional demand and adoption have added to the credentials. The hedge fund boss too was impressed.
He sees Bitcoin as “alternative money,” reiterating that it has obtained the status of having imputed value. That said, this won’t save or shelter BTC from the rising competition. A tussle between different types of currencies because of rampant money printing depreciated value. Needless to say, the executive added,
“Bitcoin is part of that competition, but there will be many moneys (not just crypto money)”
Here’s a different narrative. Dalio goes as far as saying that non-fungible tokens could share this blanket as well.
NFTs have witnessed an enormous surge in popularity earlier this year. This is why he believes non-fungible tokens could become a standalone type of money. The American billionaire has so far refrained from buying any NFTs, but he remains curious, as he states,
“I definitely want to buy NFTs…This stuff (NFT) is happening, it is real…”
But his priority remains the same.
Gold is still a preferable “store-hold of wealth” since it has been “universally recognized as money” for thousands of years. “Gold is still my favorite,” he says. He pinpointed at few advantages that Gold possesses over its digital cousin.
“You can’t trace it (Gold). For BTC, you can trace it, who owns it, and so on…”
Also, it’s the third-largest holding in central bank reserves around the globe.
Dalio doesn’t see Bitcoin reaching the $1 million mark. “It’s not really possible,” he said. As per his analysis, the flagship cryptocurrency is worth about 20% of gold (excluding central bank ownership and jewelry). This is why Bitcoin or even cryptocurrencies will fail to surpass gold.
The cryptocurrency market currently stands at around $2.4T whereas Bitcoin is swinging near the $1T mark. This compared to Gold ($5T)- it does look like an upheaval of a task.
But that doesn’t mean it’s impossible. At the time of writing, this is what the current numbers look like.
#Gold Market Cap: $11.497 T#Bitcoin Market Cap: $958.09 B
Progress (Bitcoin surpassing Gold)
▓▓░░░░░░░░░░░░░░░░░░ 8.33%
— Bitcoin vs. Gold (@VersusBtc) December 26, 2021
Well, he didn’t comment much on this., but he mention that he finds Tesla CEO Elon Musk’s effort to put meme cryptocurrency Dogecoin on the moon “cute.” Fair to say, he joked around Musk’s vision to make DOGE reach the moon.
Yet, it is important to note that Musk wasn’t exactly kidding about sending Dogecoin to the Moon before.
(function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[1]=’FNAME’;ftypes[1]=’text’;fnames[0]=’EMAIL’;ftypes[0]=’email’;}(jQuery));var $mcj = jQuery.noConflict(true);
DeFi boom ensues as Terra crosses $21B in TVL, second only to Ethereum, Avalanche at $12B
Shiba Inu, MANA, Bitcoin Cash Price Analysis: 26 December
Shubham is a full-time journalist at AMBCrypto. A Master’s graduate in Accounting and Finance, Shubham’s writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.
Decoding what BTC leaving crypto-exchanges means for turtles, pigs, wolves
If you want to take a loan to buy Bitcoin, your best bet might be…
Dogecoin: In light of this, should investors be in a risk-off mode
With Bitcoin recording the highest volatility jump, can $50,000 be next
How these feeding patterns of Bitcoin whales can help retail traders
After Ripple, why NFT creators are next on SEC’s radar
Your email address will not be published. Required fields are marked *
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
