Famous investor and hedge fund manager Ray Dalio recently tweeted out a thread listing the three biggest sticking points preventing him from jumping on the Bitcoin bull train.
I might be missing something about Bitcoin so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple… (1/5)
— Ray Dalio (@RayDalio) November 17, 2020
Although myths about Bitcoin like these have been continuously debunked, clearly there’s more work to be done in dispelling misunderstandings like Dalio’s.
So let’s do that here — for Ray, and for our new wave of HODLers on the horizon.
They are that 1) Bitcoin is not very good as a medium of exchange because you can buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong)… (2/5)
— Ray Dalio (@RayDalio) November 17, 2020
Bitcoin both is and isn’t a good medium of exchange based on Dalio’s reasoning. Here’s where he’s right: Not every business in the world currently accepts bitcoin and holds it once they receive transactions from customers.
Here’s where he’s incorrect: There are so many tools that can process bitcoin payments and allow the user to transact with bitcoin, while the merchant doesn’t receive exposure to the risks of it (and may not even realize the purchaser used Bitcoin). A perfect example of a brand new tool that accomplishes this is Strike.
Read more: https://www.nasdaq.com/articles/what-ray-dalio-is-missing-about-bitcoin-2020-11-18
