Bitcoin has violently been showing new price moves, declining rapidly as it continues to project a volatile stance. Bitcoin has dropped below $86K due to the latest BTC drop, which has caused panic in the markets. Ray Dalio is a leading financial analyst who has announced he believes Bitcoin to be an unreliable and vulnerable currency that’s prone for hacking.
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Ray Dalio Is Skeptical About BTC
Ray Dalio, founder of Bridgewater Associates and a leading financial expert, can often be seen sharing his insights and opinions on X. He has been able to attract market credibility and bring attention to the major financial issues that are currently facing the US. Dalio’s latest interview revealed his doubts about Bitcoin. Dalio also stated that the currency was not worthy of being a “reserve currency” for many reasons.
Dalio then explained why he was so skeptical about Bitcoin, saying that its traceability and hackability made it unreliable. It also exposed it to digital attacks.
“I have a small percentage of Bitcoin I’ve had forever, like 1% of my portfolio. I’ve said the same thing over and over again about Bitcoin. I think the problem of Bitcoin is it’s not going to be a reserve currency for major countries. Because it can be tracked, and it could be conceivably, with quantum computing. Controlled, hacked, and so on and so forth.”
Market Structure and BTC Fall: A Sign of Panic?
The ongoing BTC plunge is spreading significant panic and mayhem in the market. However, as per the latest report by the Kobeissi letter, markets often have a tendency to iron out corrections, with the portal outlining how the crypto market will soon be on track in no time.
“Throughout the course of this 45-day bear market, crypto has seen little to no bearish fundamental developments. We continue to believe this is a mechanical bear market driven by excessive levels of leverage and sporadic liquidations. The market is efficient. It will iron itself out.”
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Source: watcher.guru
