Why Bitcoin Holder Ray Dalio Says Crypto Gets 'Too Much Attention'

Billionaire investor Ray Dalio said in a recent interview that cryptocurrencies get “too much attention.”

What Happened: In a recent interview on "The David Rubenstein Show: Peer-to-Peer Conversations," Dalio said he holds a “tiny amount” of cryptocurrency but believes that the digital assets get too much attention today.

His statements come a month after he revealed that he owns Ethereum ETH/USD and Bitcoin BTC/USD and said that he views cash as the worst investment.

“I view it as an alternative money in an environment where the value of cash money is depreciating in real terms. And I think it's very impressive that for the last 10, 11 years, that programming has still held up, it hasn't been hacked and so on, and it has an adoption rate,” said Dalio at the time.

In January 2021, Dalio published his thoughts on Bitcoin in a Bridgewater Associates report. The investor referred to the leading digital asset as “one hell of an invention” and likened it to a gold-like alternative asset.

Despite being an advocate for diversified portfolios, however, Dalio doesn’t appear to have embraced cryptocurrencies in a larger way over the last year.

Other investors like Kevin O’Leary have grown their allocation towards the crypto sector. O’Leary said he has 10.7% of his portfolio in crypto and would be open to allocating as much as 20% of his portfolio to digital assets.

“In individual tokens and chains, I’ve got 33 different positions — a wide range of diversity,” he said. 

Price Action: As of Thursday morning, Bitcoin was trading at $36,000, down 4.22% in the last 24 hours.