Bridgewater's Ray Dalio says bitcoin isn't poised for the success its adopters hope

Bridgewater Associates founder and CIO Ray Dalio is expecting the growth of central bank digital currencies (CBDCs), but says he still sees problems with bitcoin as a currency.

Dalio broke down his thoughts on bitcoin on Yahoo! Finance earlier this week. He said that, theoretically, bitcoin could be used as currency, but because it is too volatile to be a stable store of wealth and there are too few use cases for it to be used as a medium of exchange, it fails in practice. Additionally, Dalio said bitcoin's lack of government control could stand in the way of its use as currency.

"I don't think digital currencies will succeed in the way people hope they would for those reasons," he said.

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