×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: ALLTOP | ALLWWCUR | AMFEAT | APSY | ATTACHMENT | BBPROFILE | BGOVBILLGO

Ray Dalio Calls Bitcoin a Bubble and a Highly Speculative Market

By    |   Tuesday, 19 September 2017 11:10 AM EDT

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, Bloomberg reported. 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," said Dalio, whose firm currently manages about $160 billion, according to its website.

"It's a shame, it could be a currency. It could work conceptually, but the amount of speculation that is going on and the lack of transactions [hurts it]," he said.

"Bitcoin is a highly speculative market. Bitcoin is a bubble," Dalio said.

Click here to read: Jamie Dimon says bitcoin is a fraud

(Newsmax wires services contributed to this report).

© 2024 Newsmax Finance. All rights reserved.


StreetTalk
ALLTOP, ALLWWCUR, AMFEAT, APSY, ATTACHMENT, BBPROFILE, BGOVBILLGO, BGOVCODES, BITCOIN, BIZNEWS, BLAST, BNALL, BNCOPY, BNCOPY2, BNHESAID, BNSTAFF, BNTEAMS, BONDWIRES, BUSINESS, CMDGLOMAC, CMDKEY, COS, CPNYCNT1, DEVECO, EQUITYKEY, EUROSTORY, FIN, FINANCEME, FINNEWS, FINTECH, FND, FRXDIGITAL, G10MEMB, G7MEMB, GLOBFEAT, GLOMACBB, HEDGE, INDUSTRIES, INTERNAL, MAJOR, MARKETS, METALKEY, MISC, MSCINAMER, MSCIWORLD, NI, NORTHAM, NRGKEY, NYX, OILKEY, ONWEB, ORIGINAL, PHOTO, READ, READ100, READ150, READ25, READ250, READ50, READ500, SENT, SPREGIONS, SRCRANK1, STFILT241, STFILT266, TEC, TECSVC, TIMECO, TIMENI, TOP, TOPBIZMKT, US, USBNX, USINVEST, USSTORY, WEBCMMDTZD, WEBELIG, WORLD, WWCUR, WWCURZ3, WWTOP, WWTOPAM, WWTOPBIZ, WWTOPFEAT, WWTOPGLOB, WWTOPZ3
184
2017-10-19
Tuesday, 19 September 2017 11:10 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved