Jack Dorsey Cites Ray Dalio To Pronounce The Death of 'State-Controlled Money'

Twitter Inc. TWTR co-founder Jack Dorsey has once again come out in support of Bitcoin BTC/USD and pronounced the death of fiat money.

What Happened: “RIP state-controlled money,” Dorsey said on Twitter.

He was responding to a tweet by a Bitcoin supporter that noted billionaire investor and hedge fund manager Ray Dalio has said in his new book “The Changing World Order” that the new rising power and future currency is within China.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Dorsey is a big supporter of Bitcoin and has stressed the importance of taking custody of the apex cryptocurrency by users.

His financial payments company Block Inc. SQ — formerly known as Square — allows U.S. users to invest their money in stocks or Bitcoin using the Cash App mobile payments service.

Dalio, the founder of hedge fund Bridgewater Associates, said in December that Bitcoin will not be able to reach the $1 million mark as he believed it will not surpass gold. He disclosed that he owned some Bitcoin and Ethereum ETH/USD.

Dalio had earlier said there was a danger that governments could destroy the cryptocurrency market or take complete control of it if it becomes too successful.

Price Action: Bitcoin is up 3.6% during the past 24 hours, trading at $40,814.03 at press time.

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Posted In: BitcoinJack DorseyRay DalioCryptocurrencyNewsMarkets