Posted 8 months ago | by @devadmin

In a Twitter thread American billionaire hedge fund manager and philanthropist, Ray Dalio concluded that Bitcoin (BTC) is not an adequate medium of exchange nor a store of value due to its volatility. He also stated that governments could outlaw crypto assets if they became a threat to fiat currencies. Though, he also acknowledged he “might be missing something” and invited other users a chance to correct him.

“I can’t imagine central banks, big Institutional investors, businesses or multinational companies using [Bitcoin],” said Dalio. “If I’m wrong about these things I would love to be corrected.”

Dalio’s comments come following BTC’s meteoric rise to $17.8K in under 24 hours while briefly after touching $18K on November 18th. The bullish price surge has led to many Bitcoiners in the space sharing their views with the billionaire.

BlockFi CEO Zac Prince published his own hilarious thread comparing Bitcoin and a platypus. He also cited institutional investors recently embracing or noticing Bitcoin, included in that mix are — Fidelity Digital Assets, Square, Paul Tudor Jones, Citi Bank, JP Morgan, and many others who see BTC as an “alternative to gold.”

However, there’s one thing Dalio misses when it comes to BTC, you can’t outlaw decentralized computer code with nodes all over the world. In fact, governments attempting to do so could cause a flash revolution because there are three things you don’t mess with in life, a man’s money, his woman, and his children.

There are some people with most of their net worth in cryptocurrency, including big-time investors and whole businesses shaped around them.  So outlawing cryptocurrency now would be a government pipe dream. Pandora’s box is opened and it’s not being closed, Bitcoin and other cryptocurrencies are here to stay to help usher in the great wealth transfer.

We will likely see regulation but not a scenario where cryptocurrencies are outlawed altogether across the world. Dalio should wake up and smell the roses, and realize that big companies like Paypal are getting involved in cryptocurrency, and see it as a new business model for their customers.

Bitcoin is currently trading at {FIAT: $17,966.09] UP +7.9% in the last 24 hours according to Coingecko at the time of this report.