Ray Dalio, The famous American billionaire believes that Bitcoin could have the same story that gold had back in the days of 1930s. It was during war years that cash and bonds were a bad investment, government outlawed them, and blocked this kind of investment. The government, and Federal Reserve System took over this matter, and this single act protect the currency system of the United States, to provide better use of the monetary gold stock of the United States to other purposes. By this act, the president of the United state in that time, Franklin D. Roosevelt, changed the legitimate price of gold from $20.67 per troy ounce to $35.
Now, Ray Dalio biased on this fact said that outlawing Bitcoin can be a good thing to do. Bitcoin has the largest price among all the cryptocurrencies in the market, and in more addition its blockchain never has been hacked and a lt has the majority of flowers , and it is like an alternative store-hold of wealth.
In his words he reminded us an important fact, which is every government values the currency of its own country and they want to have control of the money and also on the supply and demand of it. They don’t want other currencies to be operating or competing, because things can get out of control, and they don’t want or like when things get out of control, especially money and everything else basically.
In Ray Dalio understanding, people who work in the government can very well track currencies like Bitcoin, and know who is dealing with it, also people like Federal Reserve chairman Jerome Powell, frequently warned against cryptocurrencies like bitcoin, so this can back up his theory. On the other hand, James Ledbetter, editor of fintech newsletter FIN and CNBC contributor previously told CNBC Make It that It will be a changeling for the government to effectively ban bitcoin.
At the end, This famous American billionaire believes, Ray Dalio, believes that a better alternative coin will come and will be replaced with Bitcoin in the future, because this is how evolution of everything works.