Ray Dalio believes that Elon Musk’s effort to bring Dogecoin to the moon is “cute”.
- Dalio Thinks Musk’s Effort With Dogecoin Is “Cute”
- Dalio’s Thoughts on Bitcoin And NFTs
Dalio Thinks Musk’s Effort With Dogecoin Is “Cute”
Ray Dalio is the founder of Bridgewater Associates, the world’s largest hedge fund. He recently was on Lex Fridman’s podcast, and was asked about Elon Musk and Dogecoin.
Dalio said that Elon Musk’s effort to shoot the father of all memecoins, Dogecoin, to Mars (no pun intended) was “cute”. Whatever you want to make of that, he spoke highly of Musk and noted that with his overall ambition, maybe you should believe in him too:
“He wanted to take a spaceship to put a plant and a watering can on Mars [calling it] first life on Mars, as an inspiring notion… I have a lot of respect for Elon’s ability to do other things behind it, so I would take that as symbolic, and I’d be asking him what’s behind it, what’s next.””
He’s right, Elon does have a lot of “ability” and if you had the opportunity to ask him about Dogecoin, I’m certain he would have more to say then it’s just “cute.”
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Dalio’s Thoughts on Bitcoin And NFTs
Dalio has a pretty “old school” view of Bitcoin in general and it as a store of value. He believes Bitcoin will never be able to reach $1 M because it won’t surpass Gold. He broke it down as follows: gold has been “universally recognized as money” for thousands of years making it the preferable “store of wealth” (vs. Bitcoin), citing that central bank reserves still keep gold as their third largest holding.
Well, before gold was the Mesopotamian shekel, and for the first time since gold’s inception as the primary “store of wealth” for humans it has a competitor, and that’s Bitcoin. Dalio owns Bitcoin and Ethereum.
Perhaps the most underrated part of this story is Dalio’s stance on NFTs. Apparently, he believes NFTs could emerge as a standalone type of money. He says he doesn’t own any NFT’s but if you ask me, that’s pretty bullish for NFTs.
Overall, Dalio recognizes the importance of Bitcoin, thinks Dogecoin is “cute”, and will probably buy an NFT soon.
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