Ray Dalio on Financial World Order, Inequality & Capitalism
Yahoo Finance's Julia LaRoche sat down with Ray Dalio founder, co-Chief Investment Officer and co-Chairman of Bridgewater Associates to discuss capitalism, the wealth gap, why the education system is not working for some, millennials, bitcoin, and more.
Speaking of Bitcoin, Ray Dalio affirmed his previously held beliefs that open cryptocurrencies like bitcoin will not be able to compete with government-issued currencies in the future based on three primary reasons:
1. Lack of venues that accept cryptocurrencies as a payment vehicle.
2. Bitcoin and other cryptocurrencies are too volatile to be considered an effective store of wealth.
3. If bitcoin and other open cryptocurrencies become material, governments will "outlaw" it using "whatever teeth they have to enforce that."
The interview was first published on November 7, 2020.