Will Bitcoin Touch $1 Million? Billionaire Ray Dalio Doesn't Think So

Bitcoin might not touch $1 million, said billionaire Ray Dalio, an American hedge fund manager and investor who also served as the co-chief investment officer of the world's largest hedge fund, Bridgewater Associates. 

In an interview with Lex Fridman, a podcaster and a a computer scientist and AI researcher at MIT, Dalio said that he doesn't see Bitcoin reaching $1 million per coin. 

Dalio pointed out, in the interview published Saturday, that that BTC has never been hacked and it has evolved to a point where it is "probably the most exciting topic among a lot of people." 

"I think we are entering an era where there's going to a competition of money becausing of the printing of fiat money and the depreciated value," he said. "There will be many 'moneys,' not just crypto money. There'll be central bank crypto moneys."

He said that NFTs could become a form of money too. He added that he hasn't bought any NFT but said he wants to buy for the experience. "This stuff is real," he said about NFTs.

When asked if Bitcoin could reach $1 million, Dalio said that he doesn't think it is possible.

"The way I look at it, there's a certain amount of it and there's a certain amount of gold," he said. Taking into account Bitcoin's capabilities and the market cap and relating it with gold's market cap, Dalio said that "basically if you use gold as a measure, it makes no sense that it's [BTC] is going to be used that much more."

Dalio's view runs counter to that of popular analyst and the person behind the Stock-to-Flow model, PlanB, who said in an interview that Bitcoin will reach $1 million by the end of the next cycle.

Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and is now back above $50,000 Photo: AFP / Ozan KOSE