Assessment: Dalio insisted the cryptocurrency has an “imputed value, not an intrinsic value.” If Bitcoin is successful, it will be worth “a lot more” than it is now (that is, assuming the government doesn’t “kill” it).
Zero Hedge: A few days ago, Bridgewater’s Ray Dalio sat for an interview with CNBC and declared that “cash is still trash”, and that governments will conspire to “kill” bitcoin if it ever does become a legitimate threat to the greenback. Just one day later, US stocks suffered their worst single-day drop since May.
” … “A quart of wheat for a [b]denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine'” Rev. 6:6
On Tuesday, with every investor and Wall Street research department focused on the situation at Evergrande, Dalio sat for an interview with Bloomberg where he once again tried to reassure investors that there’s “nothing to see here” in China, where Dalio has made large investments, not just with the money belonging to Bridgewater’s clients, but with his own personal fortune.
Dalio’s message was pretty clear: “Evergrande’s debt crisis “is all manageable…Investors will be stung – that’s how it works,” Dalio said in an apparent reference to the thousands of Chinese mom-and-pop investors who have gone full ‘torches and pitchforks’.
Ultimately, even if Evergrande defaults (which, as we learned Tuesday morning, it already has) Dalio says “the system” will be protected “because it’s denominated in its own currency.” Read More