Bitcoin ‘Is A Bubble’ but Gold Is Money Says World’s Biggest Hedge Fund Manager

– Bitcoin ‘is a bubble’ but gold is money says world’s biggest hedge fund manager
– Gold is a better ‘store of value,’ Ray Dalio of $160 billion Bridgewater tells CNBC
– Bitcoin has climbed over 300% this year on speculation and expectation that it will continue to climb
– Bitcoin is not a valid currency due to volatility and lack of spending ability says Dalio
– Bitcoin is ‘worse than tulip bulbs’ says JP Morgan’s CEO Dimon
– Crypto buyers need to be concerned with government regulations
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The manager of the world’s biggest hedge fund, Ray Dalio has declared his preference for gold over bitcoin.
Earlier this week Dalio, of $160bn Bridgewater Associates, labelled bitcoin ‘a bubble’. Dalio believes the 300% plus rise in price of the most popular cryptocurrency is down to speculation over its expected price rise, as opposed to confidence in its future role as a currency.
Dalio’s comments come less than a week after J. P. Morgan’s Jamie Dimon said bitcoin ‘is worse than tulip bulbs’ and a month after Professor Robert Shiller said it was the best example of ‘a bubble right now’.
Bitcoin had a tough week last week, taking a hit following an announcement by Chinese authorities to shut down exchanges. However, it has since begun to recover.
It’s strong performance this year has prompted many experienced investors and economists to call it out for what it seems to be – a bubble.

This post was published at Gold Core on September 23, 2017.