We Got Druckenmiller, But Dalio Is Holding Out

Plus the world's second biggest bank issues $3B in bitcoin-tradable bonds

Happy Wednesday, Blockfolians

The Lede

Yesterday we discussed how famed billionaire Stan Druckenmiller had come around on bitcoin. Over the weekend, legendary value investor Bill Miller also sang bitcoin’s praises.

Ray Dalio - founder of the world’s largest hedge fund - remains skeptical. In an interview with Yahoo Finance, he gave three reasons why:

  • 1. Lack of places that accept crypto

  • 2. Too much volatility - especially for vendors to accept

  • 3. Sovereign level threats

This summed up pretty much exactly how we feel about the critique. Even if #3 is worthy of more consideration, it’s hard to get past 1 & 2.

At the risk of defending our own bags, it’s hard not to look at comments like these from Dalio, vs. those from Druckenmiller and Paul Tudor Jones, and not think it’s the critic who is behind the times.

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Community Commentary

So we’re a little excited about encroaching on BTC $16,000. Forgive us.
 On the upside, more scammers means more people are paying attention.

A Really Big Number We Should Be Paying Attention To


That’s the amount of bitcoin-tradable bonds just issued by the world’s second largest bank

Final Thought