The man is Ray Dalio.
Thomas Peter.
The latest craze to take the digital art collections world by storm is Ray Dalio's desire to get into the market for non-fungible token.
"I definitely want to buy NFTs to experience that, and that's what I'm going to do," he said. He agreed to Fridman's suggestion that he should see what it's like.
NFTs are mostly digital items that are linked to works of art, real estate, or music that users buy and sell online. These are powered by a technology called the "blockchain" to keep a digital record of ownership.
This stuff is happening. The founder and co-chief investment officer of the company said that this stuff is real. It's like the internet in the year 2000 because some are going to go and some are going to stay.
He said that the beauty of a competitive system is that it will evolve. Some things will be cherished and some things will be destroyed.
The world is in an era where different types of money will compete as the value of the currency depreciates due to excess printing, according to a discussion by Dalio. He said that the evolution of cryptocurrencies has changed his mind.
He said that there will be a competition of money. "But there will be more than one coin, not just one coin." There will be central bank money.
He said that NFTs could eventually become a type of money that people would prefer to own.
In the past week alone, NFT sales have brought in $320 million. The total trading volume of NFTs increased from $100 million in the previous year to $23 billion in the current year.
Cash is the "worst investment" according to Dalio, who disclosed that he owns ether as well.
A college student used his old laptop to download software that rakes in thecryptocurrencies daily.
Business Insider has an original article.
