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Billionaire Bridgewater Associates founder Ray Dalio says that he prefers “hard money” such as Bitcoin and gold over debt assets as indebtedness continues to impact major economies.
“I want to steer away from debt assets like bonds and debt, and have some hard money like gold and Bitcoin,” he said in a speech during the Abu Dhabi Finance Week.
Ray Dalio Says Indebtedness Is Increasing At “Unprecedented Levels”
The billionaire investor noted that debt in all major economies except Germany is increasing at “unprecedented levels.” He subsequently claimed that “it is impossible for these countries to be able to not have a debt crisis in the years ahead,” which he said will “lead to a great decline” in the value of money.
Data from US Debt Clock shows that the total national debt for the US stands at over $36.12 trillion. This is around $107,013 of debt per citizen and $271,790 debt per US tax payer.
BREAKING: Total US public debt hits a record $36.17 TRILLION, up $1 trillion over the last 105 days.
US federal debt has risen by an average of $9.5 billion per day over the last 105 days.
At the current pace, total US debt would hit $40 trillion for the first time in history… pic.twitter.com/ZaAMIM5UxT
— The Kobeissi Letter (@KobeissiLetter) December 10, 2024
The Kobeissi Letter commented on the US national debt in a Dec. 10 X post, stating that the amount has risen $1 trillion in just the last 105 days. On average, the US federal debt has risen around $9.5 billion a day during this period, according to the post.
Dalio’s Change In Crypto Stance
Dalio’s advocacy for gold and Bitcoin marks a change in stance toward digital assets for the billionaire hedge fund founder. Back in 2021, he said that Bitcoin and other cryptos would not succeed,
However, a year later in 2022, he then said it’s reasonable for investors to allocate 2% of their portfolios toward BTC in addition to gold to hedge against inflation.
Despite the change in stance, Dalio has said that he will still choose gold over Bitcoin, adding that crypto is still a small asset class.
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