How can an elite investor be so stupid?
Oh yeah, because all you have to do to be an elite investor is convince people to give you more money after you completely WRECK their accounts like Ray Dalio.
So if you haven't heard, Ray Dalio is asking f*****ng TWITTER for its opinion on bitcoin after seeing some of his financial kinfolk make a killing over the past few weeks. I guess he can't justify a buy in to himself or his stakeholders because he just doesn't understand the tech. So he's trying to put the blame on Twitter if he buys in and it falls.
The jist of his headlines read that Dalio still can't "see bitcoin as a reliable currency."
He made the whole volatility argument, which is irrelevant with apps like Utrust that stabilize the transaction. So whatever with that. But he did say something I agree with — that governments will outlaw bitcoin if it starts to seriously compete with fiat. This is true, 100%. And most of the crypto world doesn't seem to see this. If they were, we wouldn't have suspect shills like Elliotrades wishing, hoping and praying for lightning fast adoption through Paypal and other easily regulated central entities. I swear. These grifters fucking celebrate bullish bitcoin reports from the same scammy, money laundering, fee imposing banking entities they claim crypto is trying to get away from. Don't get me started with them.
I've written plenty of articles on why fast adoption spells the death of bitcoin and how centralized entities will eventually allow governments to custody entire protocols without a technical hack. But let's focus on a new issue — why Dalio thinks bitcoin can't be a reliable currency.
First of all, Dally boy, you're referring to 2015 bitcoin — bitcoin with no peers or real world information to determine how its philosophy should be adjusted. It's clear now that there are better coins for currency purposes. Bitcoin has proven itself to be the world's best store of value and collateral, which is admittedly a bit different from the core philosophy Satoshi outlined in his original whitepaper. That takes away nothing from Satoshi's vision or description of bitcoin. At its inception, Vitalik meant Ethereum to be a bitcoin add-on. It turned into something completely different, now didn't it?
How the fuck doesn't Dalio have an advisor on this inside Bridgewater? I don't get it. I do (they're all frauds), but yeah. He could have at least faked it.
As a store of wealth, bitcoin only seems volatile when compared against fiat. It actually isn't volatile when it's inside the world of crypto. And since that world has expanded to include everything from groceries to gaming, bitcoin is actually quite the good store of value. This is why governments fear it. Bitcoin is absolutely the basis for an entirely new system that doesn't require fiat.
The only volatility in the bitcoin space is that which government-backed currencies impose in order to maintain their functionality. Like oil companies with water and wind energy. I really hope we beat those fucks.
Then he said, "I can't imagine central banks, big institutional investors, businesses or multinational companies using it. If I’m wrong about these things I would love to be corrected."
Wow...just...so much...stupid...
First of all, who gives a fuck if any of these entities uses it?
Second, his statement is objectively false. The Central Bank of Iran currently announced bitcoin holdings. I guess he missed the Square and Microstrategies buys as well as the Jaime Dimon flip. Dimon can flip back for all I care, but I'm just saying.
Just...I can't. The stupid is deep with this one. And this is supposed to be one of our best investors.