Ray Dalio has said 'money as we know it is in jeopardy.'
This in commentary on Squawk Box.
He said: "Bitcoin has no relation to anything. It's a tiny thing that gets disproportionate attention," says Ray Dalio on crypto. "The value of $BTC is less than 1/3 of $MSFT stock. It's not an effective store of wealth. But we are in a world where money as we know it is in jeopardy."
He added: “Cash used to be trashy. Cash is pretty attractive now. It’s attractive in relation to bonds. It’s actually attractive in relation to stocks.”
Previously, in May, he said cash was trash.
"We are in a world in which money as we know it is in jeopardy," Dalio said. "We are printing too much, and it's not just the United States.
He also noted China's push to conduct trade in the yuan and promote its digital renminbi will make them more widely used.
President Xi Jinping recently visited the Middle East to tout the yuan in oil deals, threatening the US dollar's status as the top currency in commodities trade.
"If Saudi Arabia sells oil in renminbi and then buys things from China in renminbi, when they get it they're going to hold more renminbi - it's going to be a higher percentage of their [reserves]," Dalio said. "The question over the next number of years is really what is money, not just as a medium of exchange but as a store holder of wealth."
