Bridgewater Associates hedge fund manager Ray Dalio, a prominent Bitcoin critic, said that he “would love to be corrected” about his views on the asset, and asked Twitter on Nov. 13 to offer arguments in favor of it.
- Dalio said that he might be "missing something" about Bitcoin and asked for the Twitter community to correct him
- He provided his arguments against Bitcoin, namely that it is a poor medium of exchange and store of value, experiences high volatility and could be banned by governments
- Unsurprisingly, Twitter users were quick to throw advice at Dalio, mentioning Bitcoin’s strength as a store of value, its resistance to inflation and the security of blockchain technology
- Earlier this month, Dalio said central bank digital currencies were quickly developing; a digital euro and digital yuan are being worked on, but crypto supporters believe that this will aid Bitcoin adoption
- Dalio also said that institutional funds weren’t entering the face -- a fact that Galaxy’s Q3 2020 quarterly report refutes
- Several prominent names in the crypto space quickly responded to Dalio’s tweet, including Blocktower Capital’s Ari Paul, Messari founder Ryan Selkis, The Investor's Podcast Network’s Preston Pysh and What Bitcoin Did podcast host Peter McCormack