Billionaire hedge fund manager Ray Dalio revealed that he has added Ethereum ETH/USD to his personal investment portfolio.
What Happened: In a recent interview with Yahoo Finance, Dalio said that he owns “some” Ethereum and Bitcoin BTC/USD but declined to disclose the precise amount of crypto that he currently holds.
“I view it as an alternative money in an environment where the value of cash money is depreciating in real terms,” said Dalio.
“And I think it's very impressive that for the last 10, 11 years, that programming has still held up, it hasn't been hacked and so on, and it has an adoption rate.”
The investor explained that he is “very big on diversification” so his crypto holdings are a relatively small part of his portfolio.
However, he views cash as the “worst investment” despite claims from several investors that it is the safest asset.
“The one thing I would say to investors is don't judge anything in your returns or your assets in nominal terms, in terms of how many dollars you have. View it in terms of inflation-adjusted dollars," Dalio said. "And so cash, like this year, you'll lose 4% or 5% to inflation. And so pay attention to those, because I believe that that'll be the worst investment.”
Price Action: Cryptocurrencies experienced considerable amounts of volatility over the past week. In the last 24-hours alone, Bitcoin traded between $45,000 and $48,000 with a daily trading volume of $29 billion. Ethereum was trading under $3,800 with a trading volume of $18 billion.
Photo by Thought Catalog on Unsplash
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