Who's the next big gun to advise the public that Bitcoin is a bubble? None less than Ray Dailio, the billionaire founder of Bridgewater Associates. He put his reputation on the line to declare bitcoin a bubble. These are actual words out of his mouth in an interview on CNBC:
"It's very much speculative people thinking: "Can I sell it at a higher price? ...And so, it's a bubble."
Really? That's what he's got for us?
But wait, there's more: "It's not an effective storehold of wealth because it has volatility to it, unlike gold," the Bridgewater Associates founder tells CNBC.
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I'm curious how Bridgewater's clients ($150 billion in global investments for approximately 350 of the largest institutional clients) might be impacted were bitcoin to continue experiencing growth and gains, albeit "more volatile" growth and gains.