Bitcoin has violently been showing new price moves, declining rapidly as it continues to project a volatile stance. The latest BTC plunge has compelled Bitcoin to drop below the $86K mark, sweeping the market in a wave of panic and terror. Amid all this, leading financial expert Ray Dalio has come up with a new theory, stating how Bitcoin is an unreliable currency, prone to hacking and future exploits.
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Ray Dalio Is Skeptical About BTC
Ray Dalio, founder of Bridgewater Associates and a leading financial expert, can often be seen sharing his insights and opinions on X. His compelling theories about the US debt spiral have attracted credible market attention and continue to bring the spotlight towards major financial loopholes that the US is encountering right now. In his latest interview, Dalio shared skepticism about Bitcoin, adding how the currency is undeserving of a reserve currency status due to a variety of reasons.
Dalio later explained his reasoning, arguing that Bitcoin’s traceability and hackability make it unreliable and expose it to digital exploits.
“I have a small percentage of Bitcoin I’ve had forever, like 1% of my portfolio. I’ve said the same thing over and over again about Bitcoin. I think the problem of Bitcoin is it’s not going to be a reserve currency for major countries. Because it can be tracked, and it could be conceivably, with quantum computing. Controlled, hacked, and so on and so forth.”
Market Structure and BTC Fall: A Sign of Panic?
The ongoing BTC plunge is spreading significant panic and mayhem in the market. However, as per the latest report by the Kobeissi letter, markets often have a tendency to iron out corrections, with the portal outlining how the crypto market will soon be on track in no time.
“Throughout the course of this 45-day bear market, crypto has seen little to no bearish fundamental developments. We continue to believe this is a mechanical bear market driven by excessive levels of leverage and sporadic liquidations. The market is efficient. It will iron itself out.”
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