As the bitcoin correction deepens, fear, uncertainty and doubt return, and billionaire hedge fund manager Ray Dalio adds a host of other factors.
In an interview with the editor of Yahoo Finance on 24. In March, the founder of the $150 billion hedge fund Bridgewater Associates said there was a good chance the US government would ban bitcoin, just as it did gold in the 1930s.
That’s because the leaders of the time didn’t want gold to compete with paper money and credit as a store of value, Dalio said.
You don’t want other funds working or competing, because then it can get out of hand. So I think gold will be banned in certain circumstances.
The billionaire hedge fund manager and philanthropist, who in January called bitcoin a hell of an invention and compared it to gold, noted that the Indian government is already trying to ban bitcoin and cryptocurrency trading in general. He added that he was not an expert, but said he could be tracked down and the government could determine who was involved with him.
However, there was some light at the end of Dalio’s gloomy outlook when he acknowledged that BTC has proven itself as an asset class.
Bitcoin has proven over the past decade that it is not hacked. So, overall, it worked on an operational basis. She has built up a large audience. It is an alternative, in a sense, a storehouse of wealth. It’s like digital money. And that’s a plus.
The 16th. In March, Dalio said the US government could become a target for those dumping the dollar for bitcoin as it becomes inhospitable to capitalism and prepares for shocking tax changes to combat the sovereign debt crisis.
The comments come as the bitcoin correction continues to worsen and there are signs that the bull market is entering its final phase. BTC has corrected 13.5% from its all-time high of $60,100 to current prices of around $52,000.
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