| I can’t say exactly how effective Bitcoin is as a money, but it’s being perceived by many as an alternative money and so is worth paying attention to. Money needs to be both a medium of exchange and a storehold of wealth — and the latter is more important. I doubt that any central bank will take it on as a reserve currency. That’s because all of the transactions are public, so there’s no privacy to it, and there’s a risk that in the future the code could be broken to make it less effective through government controls. My personal approach is that I do have some Bitcoin in my portfolio, but not much. @TheMasterInvestorPodcast You can watch the full conversation here: |
Raymond Thomas Dalio is an American billionaire hedge fund manager and philanthropist who has served as co-chief investment officer of Bridgewater Associates since 1985. He founded Bridgewater in 1975 in New York. Within ten years, it was infused with a US$5 million investment from the World Bank's retirement fund.
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Ray Dalio Explains Gold v. Fiat Currencies
2025-09-23
Gold is now the second largest reserve currency, behind the US dollar.
To understand why, you need to look at the history of fiat currencies (like the dollar) and hard currencies (like gold).
The way I see it, we’re currently facing a classic currency devaluation similar to what we saw in the 1970s or the 1930s. In both of those cases, fiat currencies around the world all went down together — and also went down in relationship to hard currencies, like gold.
If events today follow a similar pattern, that makes hard currencies an attractive asset to hold.
At least, that’s how it looks through my eyes. I’m curious to hear what you think.
You can watch the full conversation here: ?feature=shared
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