Ray Dalio, renowned founder of Bridgewater Associates, characterized Bitcoin (BTC) as a “hellish invention,” adding that he is considering investing in digital assets for clients who want to protect themselves from currency depreciation.

In a note to clients obtained by Bloomberg News, Dalio called the Bitcoin securities store’s capabilities “a fantastic achievement” and one of “the few alternative assets like gold at a time when they are most needed.”

He said:

“He invented a new type of money using a system programmed into a computer and worked for 10 years and quickly gained popularity as a form of money and fortune, which is an outstanding achievement.”
Bridgewater Associates is the largest hedge fund in the world with approx. $ 160 billion in assets under management. The company prides itself on institutional investors and other high net worth individuals to achieve consistent returns regardless of the market environment.

Like other hedge fund managers, Dalio has previously criticized Bitcoin. In November 2020, he criticized BTC for its excessive volatility, arguing that it could not be an effective method of exchanging or storing value. He quickly withdrew his statement as the price of Bitcoin surged to an all-time high.

In a tweet on November 17, 2020, he said, “I might be missing something in Bitcoin, so I want to fix it.”

In a note to clients, Dalio admitted that Bitcoin has “crossed the line” from a speculative idea to an asset of real value. He noted that Bridgewater is focusing on offering alternative store of value through alternative cash funds that can protect investors from currency depreciation.

“Bitcoin will not escape our attention,” he said.

Source: CoinTelegraph