Billionaire investor Ray Dalio expressed his preference for gold and bitcoin over debt assets, as rising indebtedness impacts major economies globally.
"I want to steer away from debt assets like bonds and debt, and have some hard money like gold and bitcoin," the founder of Bridgewater Associates, the world's largest hedge fund, said in a speech during the Abu Dhabi Finance Week in the United Arab Emirates, according to South China Morning Post.
Dalio observed that indebtedness has risen to "unprecedented levels" in all major economies except Germany's. He also asserted that "it is impossible for these countries to avoid a debt crisis in the coming years, which will result in a significant decline in [money] value," as reported by SCMP.
Dalio's position is especially significant considering his earlier remarks. In February 2023, the billionaire expressed to CNBC his dislike for bitcoin.
"It's not going to be an effective money," he said at the time, adding: "It's not an effective store hold of wealth. It's not an effective medium of exchange."
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