Bitcoin Forum

"I am writing this to clarify what I think of Bitcoin," Dalio wrote in the column Bridgewater Daily Observations — the firm's daily newsletter sent by the CIOs to its clients, one of whom shared details with The Block. "I believe Bitcoin is one hell of an invention."

Dalio previously said that he didn't think bitcoin would work as an everyday currency. He stepped back a bit from his longstanding critique of bitcoin last month, saying that cryptos like bitcoin could be a "gold-like asset."

I believe Bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment. That, like creating the existing credit-based monetary system, is of course a type of alchemy—i.e., making money out of little or nothing. It, like the making of credit that made bankers rich starting with the Medicis around 1350, is making its inventors and those who got in on it early very rich and has the potential to make many more people very rich and to disrupt the existing monetary system. Those who have built it and supported the dream of making this new kind of money a reality have done a fabulous job of sustaining that dream and moving Bitcoin (by which I mean it and its analogous competitors) into being an alternative gold-like asset.

The table below, which is meant only to be illustrative and is clearly very simple, estimates a Bitcoin price if a certain amount of private gold savings (i.e., not including central banks) were to diversify into Bitcoin. More specifically, in the bottom row in the table, we assume half of the combined market cap of Bitcoin and privately held gold savings is allocated to Bitcoin. Combined, that would be roughly $1.6 trillion allocated across all bitcoins that have ever been mined. Such a shift from gold, diversifying into Bitcoin, could in theory raise the Bitcoin price by at least 160%.

Most of these Wall Street Bankers don't have you, or their clients in their minds anyway so it would make sense how they hate bitcoin which literally makes everyone become an investor, a banker, and a trader of themselves without the need for these iffy boomers. Unlike Ray Dalio who is very optimistic and open-minded in his views, a majority of Wall Street Giants have been working on the same strat, same stock to generate passive income, then make a fool out of unsuspecting investors to make huge gains. That's how things went in Wall Street and they are afraid of losing this lavish lifestyle they got because of crypto, so they'll do everything they can to stop it.

Most of these Wall Street Bankers don't have you, or their clients in their minds anyway so it would make sense how they hate bitcoin which literally makes everyone become an investor, a banker, and a trader of themselves without the need for these iffy boomers. Unlike Ray Dalio who is very optimistic and open-minded in his views, a majority of Wall Street Giants have been working on the same strat, same stock to generate passive income, then make a fool out of unsuspecting investors to make huge gains. That's how things went in Wall Street and they are afraid of losing this lavish lifestyle they got because of crypto, so they'll do everything they can to stop it.

-snip-

The most relevant passage:

So the rich are finally starting to get it! Or did they get it a while ago but kept their lips sealed?

I doubt someone who's been around the crypto area in 2013/2017 as an investor did not take a few days off their time to find out what Bitcoin is all about!

Now that Bitcoin is truly going mainstream, 2021-2030 looks like it's going to be a legendary decade for all BTC investors. And that's because if the rich don't get into BTC, they'll lose the train and wealth will be distributed among the non-rich! And since BTC can't be beaten by corporations and centralization, you know what they say.. If you can't beat 'em, join 'em!

I'm not sure that Wall Street really hates Bitcoin that much...  Once the bankers have identified a good way to make money, they move into it.  It will likely take some time, but if BTC keeps going up due to buying pressure by consumers, companies buying BTC for their treasuries and/or their competition buying  it, then we may see real fireworks.

There will be resistance by the cohorts on Wall Street that have something to lose as well as their pals at the SEC and other regulators.

Dalio, IMO, is smart to be looking at BTC.  He is a very smart guy who can see trends developing.  But, he is a core member of the Financial Elite and a Swamp Creature, worth keeping that in mind.

Don’t call it an invention, it’s the future! And when we first use it we already know it’s the future, just like once we discover internet during its infancy.

It doesn't contradict one another. Some inventions become the future and some are forgotten. Bitcoin just might be among those that prevail, but don't forget that it will require a lot of upgrades along the way to stay on top. It's like a mobile phone. The technology is still with us after more than 30 years, but if you compare the first phones with what we're using today you won't find many similarities.

I read his Linkedin post a couple of days ago.

Ray Dalio is speaking objectively and without unnecessary hate, but still, he's very cautious about what he's publishing openly. Anyway, Bitcoin is the FUTURE!