Bitcoin is a bubble, thinks Bridgewater founder

Yet another financial expert joins the ranks of Bitcoin skeptics. This time, it’s the founder and CEO of Bridgewater Associates, the vast hedge fund operating more than $100 billion in assets.

 

His name is Ray Dalio, and in the latest CNBC program called Squawk Box, he told that he does not understand those who use Bitcoin for long-term wealth savings. This is becoming popular right now, the media tells about “millennials” who invest in Bitcoin to have a good retirement when they get old (although one might assume some elder people are interested in this too, not exclusively millennials).

 

The head of Bridgewater Associates rejects this strategy and tells that gold is much better. During the program, he tells that Bitcoin could be a currency, but the lack of transactions and amount of market speculations doesn’t help at all.

 

So, instead of harsh Jamie Dimon’s approach, Ray Dalio simply is not satisfied with the bullish hype around Bitcoin, does not see any proofs of its value in comparison to gold, and would like to see the market becoming more transparent. This is a conservative approach one might understand.

 

At the press time, Bitcoin price seems to be growing ($3955 compared to $3019 and lower on 15th of September, Coinmarketcap graphics show) after previously dropping to values Sheba Jafari from Goldman Sachs predicted long before the ICO ban in China even occurred.