{"id":3072,"date":"2021-12-28T04:07:47","date_gmt":"2021-12-28T04:07:47","guid":{"rendered":"http:\/\/egrowonline.com\/?p=3072"},"modified":"2021-12-28T04:07:47","modified_gmt":"2021-12-28T04:07:47","slug":"billionaire-ray-dalio-sees-limitation-on-bitcoins-price-doubts-btc-can-reach-1-million-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=3072","title":{"rendered":"Billionaire Ray Dalio Sees Limitation on Bitcoin’s Price, Doubts BTC Can Reach $1 Million \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"


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Billionaire Ray Dalio, the founder of the world\u2019s largest hedge fund, Bridgewater Associates, says it\u2019s not possible for the price of bitcoin to reach a very high number, such as $1 million. He explained: \u201cLogically \u2026 there\u2019s a limitation on its price in relationship to other things like it.\u201d<\/strong><\/p>\n

Ray Dalio on Where the Price of Bitcoin Is Heading<\/h2>\n

Bridgewater Associates founder Ray Dalio shared his view on how high he thinks the price of bitcoin could reach in an interview with Lex Fridman<\/a>, published Saturday. Dalio currently serves as Bridgewater Associates\u2019 chairman and co-chief investment officer. His firm\u2019s clients include endowments, governments, foundations, pensions, and sovereign wealth funds.<\/p>\n

The Bridgewater boss was asked whether he thinks it is possible for the price of bitcoin to reach a very high number, such as $1 million. Dalio promptly replied:<\/p>\n

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I don\u2019t think that\u2019s possible.<\/p>\n<\/blockquote>\n

\u201cThe way I look at it is there\u2019s a certain amount of it [bitcoin] and there is a certain amount of gold,\u201d he elaborated. \u201cI\u2019ll use gold as a benchmark,\u201d he added, noting that the market cap of bitcoin is currently about $1 trillion and the market cap of the entire crypto market is about $2.2 trillion.<\/p>\n

\u201cIf you take the amount of money that is in gold that is not used for jewelry purposes and not used by central banks \u2014 and I assume bitcoin won\u2019t be used for jewelry purposes or central bank purposes \u2014 that amount of gold is about $5 trillion,\u201d he explained. \u201cSo right now if you were to have a portfolio that has gold and \u2026 bitcoin, it\u2019s worth about 20% of the value of gold.\u201d<\/p>\n

The billionaire emphasized that he does not think bitcoin will be worth more than gold. \u201cI think that 20% sounds kind of about right,\u201d he affirmed but admitted, \u201cI really don\u2019t know what the right answer is.\u201d<\/p>\n

The Bridgewater founder concluded, \u201cIf you use gold as a measure, it just makes no sense that it\u2019s going to be used that much more.\u201d While admitting that he is \u201cnot sure about anything,\u201d Dalio said:<\/p>\n

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Logically it seems to me that there\u2019s a limitation on its price in relationship to other things like it.<\/p>\n<\/blockquote>\n

Dalio previously revealed that he has a small amount of crypto in his portfolio for diversification. Regarding bitcoin, he said<\/a>: \u201cI think it\u2019s very impressive that, for the last 10, 11 years, that programming has still held up. It hasn\u2019t been hacked and so on, and it has an adoption rate.\u201d<\/p>\n

Some people disagree with Dalio about how high the price of bitcoin could reach. Microstrategy CEO Michael Saylor, for example, expects the price of BTC<\/a> to keep climbing against the dollar. The pro-bitcoin executive specifically mentioned<\/a> that it could reach $600,000 and then $6 million a coin in the future.<\/p>\n

What do you think about Ray Dalio\u2019s prediction and comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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