Bitcoin has lost over 50% value in the last week or so, but the technology behind it remains the same. Those who considered it to be the future still think about it the same way. No matter what happens in the market on a daily level, the vision should stay aligned. If you filter out the FUDs, then you can hear positive and genuine news regarding BTC every day. In the last 24 hours, Goldman added it to their asset class; Elon talked with BTC miners regarding energy usage, and Ray Dalio admitted to having Bitcoin. The last news is really important because back in 2017, Ray said that BTC is a bubble, and today, he has some of that bubble.
Ray Dalio has Bitcoin!
Ray Dalio is the fund manager in the largest hedge fund globally. He is the owner of Bridge water associates that was founded back in 1975. The investment firm has a whopping $100 billion assets under management. The firm has admitted before researching Bitcoin and planned to add it as an investment option, but now the inevitable has happened. Ray Dalio’s statement has made the future of Bitcoin even more secure. Dalio also said that he would prefer Bitcoin over bonds. He also thinks that cryptocurrency has the potential to work as a hedge to inflation better than gold in the future.
This statement is a sharp contrast from what he said back in 2017. Even in January 2021, when Bitcoin was just getting started, Ray said that BTC has gone from a highly speculative idea to something that can exist in the future with some value. And this is why we say that the 2021 bull-run of Bitcoin is different than 2017, which ended in a crash. It is because this time around, we have big players, institutions, and even governments in the game. Yes, many are against it, but I believe they will come around.
Bitcoin’s price is recovering.
On Monday, the price of Bitcoin has increased by more than 10%, indicating that the bulls are back. In the last few days, the accumulation by those who were manipulating the market seems to be over. And we are ready for the next phase of the bull run. The price of Bitcoin touched $40k and retracted back to $38k before a few hours. And it seems there is strong resistance at that price point. We need some heavy volume in order to push the price past that range. I think if today we saw some more recovery that the bull-run will resume even faster.
What are your thoughts on the interview where Ray Dalio says that he owns Bitcoin and prefers it over bonds? And do you think it will have an impact on the future of BTC in the long run? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.