Ray Dalio believes Bitcoin has a recognized place in the investment portfolio

Billionaire investor Ray Dalio’s stance on Bitcoin appears to be constantly evolving, and according to his most recent statements, he now believes the digital asset has a proven track record in wallets.

What happened: Speaking at the Texas A&M Bitcoin Conference, Dalio said, “Bitcoin has proven itself … as money with imputed value.”

Dalio went on to explain that his belief in the asset stems from the fact that Bitcoin has not been hacked, has solid programming, and more and more people are holding and adopting it.

“We’re in the part of the cycle where we’re going to produce more debt and more money, and the time for something with intrinsic value and limited supply is appropriate. This is true for gold, but bitcoin has also proven these things in a number of ways, ”he said.

The founder of Bridgewater Associates has always been an advocate for portfolio diversification, and his take on holding Bitcoin as part of a wallet was no different.

“You need a diverse portfolio. If you own an asset, you are overexposed, even if you only hold Bitcoin, ”said Dalio.

See also Billionaire investor Ray Dalio thinks governments are likely to ban Bitcoin

Why is this important: Dalio’s comments came shortly before the weekend crypto sell-off, which saw Bitcoin prices drop to $ 53,000.

Although the main cryptocurrency’s price has since recovered, trading at $ 57,300 at the time of writing, the significant drop in price has scared some market participants.

“Big shakeouts are needed to eliminate weak hands before the pros / whales are ready to buy with more money on the dive,” commented a seller on Twitter.

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