Possibility of a rise in Bitcoin

Possibility of a rise in Bitcoin

Bitcoin future

Bitcoin of ~

Yahoo Finance reported on the 24th (local time) that Ray Dalio, founder of Bridgewater Associates, who is called Legend as a loan to the US hedge fund industry, said this. Bridgewater, founded by Dalio, is operating an asset of $138 billion (about 156 trillion won) as of April 2020, the largest hedge fund in the world.

 

The reason Dalio tragically predicts the fate of bitcoin is because of central banks in each country. Bitcoin will eventually be illegal because central banks in each country want to monopolize monetary policy, he said.

 

There is a precedent. Gold. Dalio saw that bitcoin could be the same fate as the US government illegalized individual gold ownership in 1934. At the time, US President Franklin Roosevelt confiscated individual gold and banned private ownership under the Gold Holding Act. As a means of storing wealth, I did not want gold to compete with money and credit.

Bitcoin 

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It is Dalios forecast that this could happen to bitcoin. Every country wants to control its money supply and demand exclusively, he said. Financial authorities do not want other currencies to operate or compete.We do so because financial authorities in each country can be out of control, he said. As bitcoin is in a similar environment, it is likely to be illegal as it has illegalized gold ownership.

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Bitcoin future

There is already movement: Dalio cited the Indian government as pushing for the illegalization of cryptocurrency, including bitcoin. Reuters quoted a recent source as saying that the Indian government is pushing for a bill to illegalize the possession, issuance, mining, trading, and transfer of cryptocurrency.According to sources, the Indian government will set a period of up to six months for liquidation of cryptocurrency, and then fine it if it holds cryptocurrency.

 

There are a series of warnings for bitcoin, but Wall Streets investment in bitcoin is accelerating. According to CNBC, FD Fund Management, a subsidiary of Fidelity, a large asset management company, submitted documents to the US Securities and Exchange Commission (SEC) to issue Bitcoin Listed Index Funds (ETF).Morgan Stanley is also expected to allow investment in bitcoin funds for high-value asset owners.