Ray Dalio says Bitcoin is not the answer, the community responds
While billionaire Ray Dalio believes that fiat is in jeopardy, he also thinks that neither Bitcoin (BTC) nor stablecoins are the answer. In response, crypto community members took to Twitter to express their opinion on the topic.
In a recent interview on CNBC's Squawk, Dalio shared his takes on Bitcoin being a potential solution to the problems with fiat currency. The billionaire argued that it would not be effective as a store holder of wealth and a medium of exchange. Dalio also highlighted that stablecoins are also a replica of state-backed currencies and would also not be an effective form of money.
Bitcoiners were quick to respond to the interview, commenting that what Dalio has described as what money should be is already in Bitcoin. A community member tweeted:
In addition, a Twitter user cited various inherent features of Bitcoin and pointed out that it's the solution Dalio is looking for. According to the community member, Bitcoin's censorship resistance, neutrality, openness, limited supply and freedom from control make it the answer to the monetary problem that Dalio described.
Meanwhile, another Bitcoin community member said that they were "orange pilled" by Dalio from his insights on the history of money. The Twitter user believes that the interview shows that the billionaire is close to "truly understanding Bitcoin."
Related: Billionaire Ray Dalio 'impressed' how Bitcoin survived the last decade
Dalio has historically gone back and forth when it comes to his position on Bitcoin. In 2021, went from describing Bitcoin as “one hell of an invention” to a more negative narrative, speaking of a potential ban on Bitcoin in the United States and saying that he would choose gold over Bitcoin.
In 2022, the billionaire recommended a 1% to 2% Bitcoin allocation for investor portfolios. Back then, Dalio praised BTC for its resilience against hacks and said that it has no better competitor in the market.