Veteran hedge fund manager Ray Dalio says gold is still his preferred asset because it has properties that help Bitcoin (BTC) cannot be found.
In a new interview on the Lex Fridman Podcast, Dalio says the yellow metal has an advantage over the leading digital asset in terms of traceability.
“Gold is still my favorite because of certain qualities. For example, you cannot trace it. In Bitcoin, you can keep track of who it belongs to, where it is going, and so on. Governments may have the ability to track this and so on. A piece of gold from coin, it is not connected. I think there are benefits to not being connected, especially in a world where connections can potentially be riskier. “
The billionaire also gives other reasons why he still prefers gold over BTC despite Bitcoin’s rising popularity.
“Also, gold has been widely recognized as a source of money and central bank for many thousands of years, it is the third largest source of money in central bank reserves and I don’t think Bitcoin will serve those purposes” and so on. I prefer gold over the other for various reasons, but it’s a small part of my mix. “
Although Dalio still prefers gold, the investor praises Bitcoin for what it has achieved over the years and says it has managed to become an alternative form of money.
“Bitcoin’s evolution over the years is one of the things that I think has influenced change. It has proven itself …
It wasn’t hacked. It operated. It’s built. In these 11 years it has developed into the most exciting topic for many people in an astonishing way and has been used and has achieved the status of an assumed value.
At the same time, it is one of those assets that is an alternative money. I think we are entering an era where there will be money competition due to the printing of fiat money and its depreciation. There will be a money competition and Bitcoin is part of that competition. “
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Source: Crypto News Deutsch