The billionaire asset manager said he would choose real gold over its digital alternative bitcoin.
Billionaire asset manager Ray Dalio has said that if he had to choose, he would choose real gold over its digital alternative, bitcoin.
“If you put a gun to my head and tell me I can only have one, I’d choose gold,” he told CNBC on Thursday.
However, Dalio remains bullish on Bitcoin’s prospects, saying he still owns an undisclosed amount of the market-leading cryptocurrency.
“I have a very small amount of bitcoin. I’m not a big owner,”he said. “Owning certain assets diversifies a portfolio, Bitcoin is a bit like digital gold.”
Dalio seems to suggest that both assets have a place in investors’ portfolios, but for those worried about Bitcoin’s recent volatility, gold may be a better option.
As Dalio explained, in a situation where you’re forced to choose between the two, the clear winner will be gold, as it has long been known as the “warehouse of wealth.”
“I just see it as diversity,” he said. “In general, I really don’t know if Bitcoin will go up or down. I can discuss both views.”
After weeks of consolidating between $30,000 and $34,000, the market-leading cryptocurrency briefly touched $42,000 last week.
Bitcoin is trading at $37,711 as of the latest revision, down 3% over the past 24 hours. BTC’s daily trading volume is $26 billion, or 45% of the crypto market.