Ray Dalio, American billionaire investor, said investors should not lose any opportunity for making robust gains in traditional markets.
On the sidelines of World Economic Forum, Dalio, the founder of Bridgewater Associates, said investors should diversify their investments and focus on traditional markets, especially stock exchanges.
He indicated that central banks prefer holding precious metals. “What are they going to hold as reserves? What has been tried and true? Are they going to hold Bitcoin digital cash… They’re going to hold gold. That is a reserve currency.”
However, he warned against investment in Bitcoin due to its severe fluctuations. “It’s neither a medium of exchange nor a store of value.”
There are other billionaire investors who saw defects in the flagship cryptocurrency Bitcoin. For example, Charlie Munger has called the currency as “rat poison”.
However, Bank of America has recently called the BTC as the single best investment in the last 10 years.
“If you invested $1 in bitcoin at the start of 2010, it would now be worth more than $90,000,” the bank said in a recent report.