Billionaire Ray Dalio Says Bitcoin Is a ‘Very Poor Alternative to Gold’

[Coinpedia Fintech News]

The year 2022 was a very dramatic one for the cryptocurrency market, as the industry lost $2 trillion in value after the markets crashed as a result of rising interest rates and a number of unexpected cryptocurrency exchange failures.

Despite the king of cryptocurrencies, Bitcoin, making a spectacular comeback to start the year, renowned investor Ray Dalio claimed that bitcoin is still neither a reliable store of value or a medium of exchange.

In an interview with Julia La Roche, Dalio said he still feels the same way about Bitcoin and added that its volatility makes it ineffective as a medium of exchange.  It's a very, very poor substitute for gold, he declared. By the way, after US dollars, euros, and gold, yen is the second-largest reserve held by central banks.

In an earlier statement, Dalio claimed that Bitcoin was "not very good as a store-hold of wealth because its volatility is great and has little correlation with the prices of what I need to buy."