Although billionaire Ray Dalio believes that fiat currency is at risk, he also believes that bitcoin (BTC) and stablecoins are not the solution to this problem. In response, members of the crypto community took to Twitter to voice their opinions on the matter.
During a recent interview on CNBC’s Squawk, Mr. Dalio expressed his views on bitcoin’s ability to solve fiat currency issues. The billionaire claimed that this currency would not do well as a store of wealth and as a medium of exchange. Dalio also clarified that stablecoins are replicas of state-backed currencies and would not be a form of performance money either.
Bitcoiners were quick to respond to the comments, pointing out that bitcoin already fits Dalio’s description of what a currency should be. Among them, a member of the public tweeted the following:
In addition, a Twitter user listed a set of features inherent in bitcoin and indicated that this was the solution Dalio was looking for. According to this community member, because bitcoin’s resistance to censorship, neutrality, openness, limited supply and lack of control, it is the answer to the monetary problem described by Dalio.
Meanwhile, another member of the bitcoin community claimed that he was “stung” by Dalio because of the ideas he expresses about the history of the currency. That Twitter user believes that this interview is proof that the billionaire is now about to “really understand what bitcoin is”.
Also read: Billionaire Ray Dalio is impressed with how bitcoin has fared over the past decade
It should be noted that, historically, Dalio has had very variable positions on bitcoin. In 2021, for example, he changed from describing bitcoin as an “invention from hell” to a rather lonely rhetoric, going so far as to talk about a possible ban on bitcoin in the United States and saying that he would prefer it. bitcoin.
Surprisingly, later, in 2022, the billionaire advised investors to plan for a 1-2% bitcoin allocation in their portfolios. At the time, Dalio was full of praise for BTC for its resilience against hacks and also said that no competing currency available in the market could compete with the bitcoin.