Billionaire Ray Dalio has made a strong case for Bitcoin, stating it is achieving recognition as hard currency due to its fixed supply and increasing global acceptance. He compares Bitcoin's properties to precious metals, emphasizing its finite supply as a critical factor for its potential as a reliable medium of exchange and store of value.
With a total cap of 21 million BTC, Dalio argues that Bitcoin stands apart from fiat currencies, which can be expanded at will. His perspective comes amid Bitcoin's recent performance, as it crests close to its all-time high, having surged nearly 2% in the past day alone. Dalio’s endorsement highlights rising confidence in Bitcoin, particularly as it gains traction among both retail and institutional investors.
On-chain data reveals that over 100 million individuals now own Bitcoin, and daily transaction volumes are exceeding $50 billion. This surge in activity is supported by a notable increase in merchants who accept Bitcoin for transactions. Furthermore, the Lightning Network, a second-layer solution for faster Bitcoin payments, is seeing increased usage, reflecting Dalio's views on adoption.
While Dalio’s positive outlook contrasts with views from others in the sector, such as Peter Schiff, who prefers traditional assets like gold due to Bitcoin's price volatility, the general trend indicates a growing institutional appetite for Bitcoin. Following the involvement of companies like MicroStrategy, several firms have announced Bitcoin acquisitions, contributing to its upward momentum in the market.
With a total cap of 21 million BTC, Dalio argues that Bitcoin stands apart from fiat currencies, which can be expanded at will. His perspective comes amid Bitcoin's recent performance, as it crests close to its all-time high, having surged nearly 2% in the past day alone. Dalio’s endorsement highlights rising confidence in Bitcoin, particularly as it gains traction among both retail and institutional investors.
On-chain data reveals that over 100 million individuals now own Bitcoin, and daily transaction volumes are exceeding $50 billion. This surge in activity is supported by a notable increase in merchants who accept Bitcoin for transactions. Furthermore, the Lightning Network, a second-layer solution for faster Bitcoin payments, is seeing increased usage, reflecting Dalio's views on adoption.
While Dalio’s positive outlook contrasts with views from others in the sector, such as Peter Schiff, who prefers traditional assets like gold due to Bitcoin's price volatility, the general trend indicates a growing institutional appetite for Bitcoin. Following the involvement of companies like MicroStrategy, several firms have announced Bitcoin acquisitions, contributing to its upward momentum in the market.
