In a recent interview with MarketWatch, Ray Dalio, the Billionaire Hedge Fund Manager and Creator of Bridgewater Associates, stated that Bitcoin has “some validity.”
I’m not an expert on Bitcoin but I believe it has some appeal as a minor part of a portfolio.” Dailo said
Dalio previously stated that he owns some Bitcoin in May of this year.
“It has been an amazing accomplishment for Bitcoin to have achieved what it has done, from writing that program, not being hacked, having it work and having it adopted the way it has been,” he added.
He also echoed a popular Bitcoiners talking point:
“It’s almost a younger generation’s alternative to gold and it has no intrinsic value, but it has imputed value and it, therefore, has some merit,”
According to a CNBC Millionaire Survey, millennial millionaires intend to increase their Bitcoin holdings in 2022. According to the report, 83 percent of millennial millionaires own cryptocurrencies, with more than half of those polled having at least half of their wealth in crypto. Just under half of the respondents (48%) intend to increase their crypto holdings in the new year, while 39% intend to maintain their present levels of crypto assets.
“This is a big difference between different generations of wealth,” said George Walper, president of Spectrem Group which conducted the survey with CNBC. He added that this generational shift presents a challenge to wealth managers around the world.
“I’m not convinced the wealth management sector understands that these are two completely distinct generations.” The majority of businesses hoped to avoid it. “However, millennial millionaires are unlikely to ‘grow out’ of cryptocurrency,” he continued.
According to CoinMarketCap’s Q1 2020 report on cryptocurrency adoption, African Millenials are also catching up fast. The report shows that 91.47% of youth own crypto assets with Nigeria taking the lead with 210.6% young crypto users.
Dalio, like the majority of young billionaires, is bullish on Bitcoin’s future, but he also sees its disadvantages. During his interview with Market Watch, he said that if Bitcoin became a danger to governments, it would “probably” be prohibited in some areas, a possibility he mentioned in May when he revealed that he had Bitcoin in his portfolio.