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Ray Dalio, an American billionaire investor, and well-known hedge fund manager, recently announced that he owns Ethereum (ETH). Cryptocurrency, according to Dalio, is an excellent instrument for portfolio 'diversification.'
I Own Ethereum, Says Billionaire Ray Dalio
According to Bridgewater Associates founder and co-chief investment officer, Cash is losing its purchasing power. Dalio also talked about how crypto assets like Bitcoin and Ethereum have become more prevalent in recent years.
Even though Dalio does not possess significant amounts of Bitcoin or Ethereum, the billionaire feels that the alternative currency is gaining appeal due to the decline in the value of the dollar. In recent months, Dalio has indicated his support for Bitcoin, Ethereum, and other digital currencies, and he compared Bitcoin to gold earlier this year.
When asked about his Bitcoin and crypto holdings during an interview, Dalio says, "Well. I'm not going to give the precise amount of Bitcoin, but I do own some Ethereum as well.
Ray said he keeps it as alternative money in an environment where cash value is depreciating in real terms. And I think it's imposing that for the last 10, 11 years, that programming has still held up, it hasn't been hacked, and so on, and it has an adoption rate. So, I'm huge on diversification, and it's a relatively small part of the portfolio.``
Ethereum vs. Bitcoin
Speculators have begun to compare Bitcoin and Ethereum as inflation hedges against the US Dollar's depreciation (USD) despite a significant gap in usability and technical protocols.
While the market capitalization gap between BTC and ETH remains wide, the latter has narrowed it significantly in the second half of 2021, thanks to an over 120 percent price increase. Institutional investors are also accumulating substantial amounts of ETH in addition to BTC.
Qihoo 360, a Chinese cybersecurity firm, has published research. It demonstrates that mining thrives despite a nationwide ban. Every day, 109,000 mining internet protocol (IP) addresses are active, according to the data. To hide their operations, some miners are using mining pools.