While billionaire Ray Dalio believes that fiat is in danger, he also thinks that neither Bitcoin (BTC) nor stablecoins are the answer. In response, members of the crypto community took to Twitter to express their opinions on the topic.
In a recent interview on CNBC’s Squawk, Dalio talked about Bitcoin as a potential solution to fiat currency problems. The billionaire said it would not be effective as a store of wealth and a medium of exchange. Dalio also stated that a stablecoin is also a replica of a state-backed currency and is also not an effective form of money.
Bitcoiners quickly responded in an interview, a comment that Dalio has described as why money should already be in Bitcoin. A community member tweeted:
Also, Twitter users quoted various inherent features of Bitcoin and pointed out that the solution Dalio is looking for. According to community members, Bitcoin’s censorship resistance, neutrality, openness, limited resources and freedom from control make it the answer to the monetary problem that Dalio described.
Meanwhile, other members of the Bitcoin community said that they were “orange pilled” by Dalio from his insight into the history of money. Twitter users believe that the interview shows that the billionaire is close to “truly understanding Bitcoin.”
related: Billionaire Ray Dalio is ‘impressed’ with how Bitcoin has survived the last decade
Dalio has historically gone back and forth when it comes to his position on Bitcoin. In 2021, he went from describing Bitcoin as “one hell of an invention” to a more negative narrative, talking about the potential ban on Bitcoin in the United States and saying that he would choose gold over Bitcoin.
By 2022, the billionaire recommends a 1% to 2% Bitcoin allocation for investors’ portfolios. At the time, Dalio praised BTC for its resistance to hacking and said there was no better competitor in the market.