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.”
Here's the thing. He may be right on his theories in the long-term BUT all I know is that the momentum got jacked on this thing in the early fall and that wasn't something I was willing to ignore.
Yeah, he is missing something, its a great bet even if all of the things he said are true (which they arent). When Soros sees a bubble he buys first and asks questions later, when Dalio sees a bubble he tries to get educated on twitter lol
My assumption they invested tiny portion off their capital in it. No way they not knowledgeable about what stable coins like USDT doing. I do not have extra fund to gamble so stay away.
"When Soros sees a bubble he buys first and asks questions later" Yep. Can't fleece suckers if you've nothing to sell high
I doubt it. Bitcoin is now about 20% into its cornering, in a corner like we've never seen before. NO further supply is possible, the majority of holders aren't selling at any price less than $1trillion cap (around $64k). The holders, who go through massive amounts of pain, are now fully in charge and they know it. If you want in, you have to pay the offer otherwise it's highly likely you won't get in. Very dangerous for anyone to short BTC or take profits because it's 'gone too far'. Yes, if BTC was a normal market we trade it as a normal one, but BTC isn't a normal market/product. Overall I'm highly surprised that Dalio hasn't recognised the massive corner that's been building for the last 6-12 months. Mind you, it's not as if he hasn't got 101 other markets that he might view as more relevant to his massive portfolio. And who am I and most people to criticise his long term record and abilities?
This misses one important point: The rest of the world doesn't seem to care. The central banks come up with their own digital currency, and BTC never get adopted. (Not saying this is a good thing, just a thing.) Unless Aunt Millie wants it, BTC will always be a niche market, likely to have massive crashes from time to time. There are probably less than 21 million buggy whips available as well. Doesn't mean Main St. will demand it, so the overall demand will be limited to the 'greater fool' theory. And that's fine, as long as you are honest with yourself. Having said that, you could make the same 'greater fool theory' argument for gold futures, except there is no real limit on the amount of contracts.