"Bitcoin is a Bubble" Says Hedge Fund Mogul Ray Dalio

Ray Dalio, the founder of Bridgewater Associates - the world's largest hedge fund with over $150 billion in global investments - is the latest high profile figure to share his opinion about the hottest topic in the financial world right now, Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term.

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Unlike JPMorgan CEO Jamie Dimon, who earlier this month called Bitcoin a fraud and predicted its inevitable collapse, Dalio actually sounds like he supports the innovation and promise of the cryptocurrency, and only thinks that the current state of affairs is unsustainable.

Speaking on CNBC's Squawk Box, he said: "Bitcoin today, you can't make much transactions in it. You can't spend it very easily. It's not an effective store hold of wealth because it has Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term to it, unlike gold. Bitcoin is a highly speculative market.... Bitcoin is a bubble."

"It's a shame, it could be a currency. It could work conceptually, but the amount of speculation that is going on and the lack of transactions hurts it," the hedge fund mogul concluded.

Rather than an attack on Bitcoin as Dalio's statement was presented in some places, this actually sounds like fair criticism at the moment, due to runaway price speculation and a lack of easy and affordable payment use cases, which many informed cryptocurrency supporters also often bring up.