Bitcoin is a 'Bubble'

Cornelia Mascio
Settembre 20, 2017

Bitcoin and its peers can not be spent very easily and they make for a poor "storehold of wealth" compared with, say, gold, due to their extreme volatility, Ray Dalio of Bridgewater Associates told CNBC in an interview.

The billionaire investor said action in the cryptocurrencies has been "very much" driven by people thinking simply that they can sell it at a higher price, "so it's a bubble".

Ray Dalio is the founder of Bridgewater Associates, which according to recent rankings is the biggest hedge fund by total assets under management. "Bitcoin is a bubble", Dalio said.

Bridgewater manages around $160bn. "It's not an effective store hold of wealth because it has volatility unlike gold", said Dalio, whose firm now manages about $160 billion, according to its website. "It could work conceptually, but the amount of speculation that is going on and the lack of transactions..." he said.

"Bitcoin is a highly speculative market".

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