April 27, 2023 1:47 AM | 1 min read
Billionaire investor Ray Dalio has spoken out about the attention given to Bitcoin (CRYPTO: BTC), despite its smaller market cap compared to tech giant Microsoft Corp (NASDAQ:MSFT).
What Happened: In an interview with former model-turned-podcaster Chris Williamson on Wednesday, Dalio expressed confusion over the apex cryptocurrency’s popularity, saying, “Who knows, maybe there’s some element of it I don’t understand.”
Dalio commented on the discrepancy between the market cap of Bitcoin and Microsoft, questioning why the apex cryptocurrency receives more attention. He stated, “Its size is about 30% of the size of Microsoft, and Microsoft is one stock among many stocks. [But] it’s given a lot more attention.”
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Why It Matters: While he admitted to holding “a little bit” of Bitcoin, Dalio voiced his preference for gold as an investment asset due to its status as the third highest reserve asset among central banks, behind the dollar and the euro. He highlighted the timelessness and universality of the precious metal as key factors in his investment strategy.
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However, Dalio did acknowledge that Bitcoin offers certain advantages that gold cannot, including transaction tracking and “not being liked by the government.” Despite this, he remains cautious, keeping his BTC allocation low to mitigate potential downside risk.
Throughout the interview, Dalio emphasized the importance of prudent investment strategies, recommending against over-exposure to volatile assets like Bitcoin. “I don’t think a lot of Bitcoin,” he stated, advising listeners to approach the asset with caution.
Price Action: At the time of writing, BTC was trading at $28,996, up 2.30% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed After Arkham Intelligence Denies ‘Buggy’ Mt. Gox Alerts: Analyst Predicts Summer Surge For BTC
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