Bridgewater Associates is taking a closer look at bitcoin, according to founder Ray Dalio. "I am writing this to clarify what I think of Bitcoin," Dalio wrote in the column Bridgewater Daily Observations — the firm's daily newsletter sent by the CIOs to its clients, one of whom shared details with The Block. "I believe Bitcoin is one hell of an invention." Dalio previously said that he didn't think bitcoin would work as an everyday currency. He stepped back a bit from his longstanding critique of bitcoin last month, saying that cryptos like bitcoin could be a "gold-like asset." In the note, Dalio added that Bitcoin ... (full story)

Citing the need to deal with the “devaluation of money and credit,” the founder and co-chairman of the world’s largest hedge fund said he expects the firm to soon offer an alt-cash fund and a storehold of wealth fund and said “Bitcoin won’t escape our scrutiny.” Calling bitcoin (BTC, +3.81%) "one hell of an invention," Bridgewater founder and co-chairman Ray Dalio appears to have warmed a bit further to to the largest cryptocurrency, saying it or its rivals could fill the growing need for alternatives to gold. While still expressing concern that bitcoin could be hacked and that governments could ban it should it ... (full story)

Bridgewater Associates founder Ray Dalio said Bitcoin is “one hell of an invention” and he’s considering cryptocurrencies as investments for new funds offering clients protection against the debasement of fiat money. “To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment,” Dalio wrote in a note to clients that was disclosed to Bloomberg News. “There aren’t many alternative gold-like assets at this time of rising need for them.” Like ... (full story)