Founder of Bridgewater Associates: Stablecoins are not a good way to store wealth, and has held a small amount of BTC for many years

In a recent interview with Caixin, Ray Dalio, founder of Bridgewater Associates, analyzed the characteristics of Bitcoin and stablecoins, as well as their roles in investment portfolios. He stated that he has held a small portion of Bitcoin for many years, and his investment proportion has remained unchanged. He sees Bitcoin as a diversification asset relative to gold. However, Bitcoin also has its drawbacks, and central banks are reluctant to hold it. He added that stablecoins are not a good storehold of wealth. Their essence is that they can only be exchanged for a corresponding currency and do not generate interest. Therefore, from a financial perspective, holding stablecoins is not as good as holding interest-bearing fiat assets. The advantage of stablecoins is that they are globally accepted and act as a clearinghouse system for convenient transactions, making them suitable for those who do not care about interest. As for whether stablecoins can solve the problem of US Treasury bonds, he believes that if stablecoin buyers already hold US Treasury bonds, it is equivalent to transferring US Treasury bonds from one pocket to another. Whether this will increase demand for US Treasury bonds remains to be seen.