Ray Dalio has explained how China’s digital yuan may compete with Bitcoin
During his interview on CNBC” Bridgewater Associates CEO Ray Dalio told Managing Asia’s Christine Tan that Bitcoin is “an alternative currency.”
Dalio said that it was important to distinguish between the digitalization versions of existing currencies and alternative currencies:
Using blockchain technology and so on…That’s a different thing than having an alternative currency, and Bitcoin is an alternative currency versus the digitalizing.
As reported by U.Today, Dalio recently revealed that he was a Bitcoin holder.
Bitcoin vs. China’s digital yuan
The head of the world’s largest hedge fund claims that the digital yuan could potentially compete with the largest cryptocurrency, but it wouldn’t completely take over the crypto market.
The digital RMB could be “a very viable” alternative to “a lot of people” if it reaches internationalization, according to Dalio.
However, the billionaire also pointed out that it would have cons in terms of privacy issues.
Speaking of a digital dollar, Dalio said that it would also be viable but it wouldn’t be as competitive.