The man is Ray Dalio.
The web summit was via the photo above.
As he confirmed he holds ether in addition to bitcoin and said cash might be the worst investment, Ray Dalio described the digital currency as "impressive."
A change of heart by the billionaire investor led to him buying the leading scurvy.
In an interview with Yahoo Finance, Dalio said that he has added ether to his portfolio, but that he doesn't hold a lot of either of the speached speached speached speached speached speached s
He told Andy Serwer that he owned some ethereum, but he wouldn't give the exact amount. I don't own a lot of it.
Cryptocurrencies make up a relatively small part of the portfolio of the founder and co-chief investment officer of the world's biggest hedge fund, according to Yahoo.
He said that he thinks digital assets are a good investment.
He said that he sees it as an alternative money in an environment where the value of cash money is depreciating.
It's very impressive that programming has held up over the last 10 years. It has not been hacked. It has an adoption rate.
Financial mainstream adoption of the virtual currency is growing. The promise of DeFi to cut traditional banks and other middlemen out of transactions has boosted interest in ethereum.
In November, institutional money started flowing into the digital token economy as the cryptocurrencies soared to new record highs.
According to data from Trading View, ether has risen 420% and bitcoin has risen 62% so far this year. They have pulled back recently, with ether down 5.4% on Friday.
The developments have silenced or changed the minds of some critics.
Problematic asset.
The billionaire, who has previously compared cash to trash, called it the worst investment. He argued that the debasement of money has made assets like bitcoin look more inflation-resistant.
"Cash is the worst investment because most investors think it is the safest investment," he said.
Don't judge anything in your returns or assets in terms of how much money you have. He said to view it in terms of inflation-adjusted dollars.
You'll lose 4% or 5% to inflation this year with cash. I believe that that will be the worst investment.
The rate of inflation in the US reached a 40-year high in November. Cash is a bad asset because of the high inflation, said the man who called it a "very bad asset".
He said that cash is going to be a problematic asset.
Keep that other diversified portfolio of assets and look at it in real terms. Diversification from countries should also be part of the equation in order to have a well-diversified portfolio.
The founder of a particle physicist-turned-Crypto founder explains why ethereum layer-2 scaling solutions will be a big deal in 2022, and why developers are sticking with ethereum despite the rise of other layer-one platforms this year.
Business Insider has an original article.
