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19-09-2017, 10:01 PM
(This post was last modified: 19-09-2017, 10:06 PM by specuvestor.)
(Bloomberg) --
Ray Dalio, who heads the $160 billion Bridgewater Associates, says bitcoin is a bubble.
“It’s very much speculative. People are thinking, ‘Can I sell it at a higher price,’ so it’s a bubble,” he said in an interview Tuesday on CNBC.
Dalio said there are two things that are required for a currency. The first is that it can be used to make transactions, and the second is that it’s a store hold of wealth, he explained.
“With bitcoin, you can’t make much transactions in it and you can’t spend it very easily,” he said. “It’s not an effective store hold of wealth because it has volatility unlike gold."
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Actually I'm amazed pundits think backing by the full faith of the government is not valuable vs bit coin where there is no backing. Govt has power to issue money and to tax. That's why I say people who worry about not getting their SGD CPF back is clueless. Sure get back SGD... the worry should be the purchasing power. Say if you got choice to get back CPF in 10 years in MYR, does a reversion to mean trade sounds good? Or bitcoins in 10 years? So the government has to have credible monetary policies, vibrant economy that demands the currency and good governance.
Even Safra vouchers are local currencies.
Ray Dalio, who heads the $160 billion Bridgewater Associates, says bitcoin is a bubble.
“It’s very much speculative. People are thinking, ‘Can I sell it at a higher price,’ so it’s a bubble,” he said in an interview Tuesday on CNBC.
Dalio said there are two things that are required for a currency. The first is that it can be used to make transactions, and the second is that it’s a store hold of wealth, he explained.
“With bitcoin, you can’t make much transactions in it and you can’t spend it very easily,” he said. “It’s not an effective store hold of wealth because it has volatility unlike gold."
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Actually I'm amazed pundits think backing by the full faith of the government is not valuable vs bit coin where there is no backing. Govt has power to issue money and to tax. That's why I say people who worry about not getting their SGD CPF back is clueless. Sure get back SGD... the worry should be the purchasing power. Say if you got choice to get back CPF in 10 years in MYR, does a reversion to mean trade sounds good? Or bitcoins in 10 years? So the government has to have credible monetary policies, vibrant economy that demands the currency and good governance.
Even Safra vouchers are local currencies.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
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