Biggest Bull Is Preparing for Bitcoin to Skyrocket Despite Recent Crash
- Ray Dalio suggests the current economic climate will lead to a ‘new world order’ similar to post WWII.
- The next recession will cause national leaders to come together to solve a new world crisis.
- Dalio is an outspoken crypto skeptic but could he be a secret Bitcoin hodler?
Billionaire hedge fund guru Ray Dalio is in China speaking at Bloomberg’s New Economy Forum. Despite being an outspoken critic of cryptocurrency, his latest economic musings sound like a massive endorsement for Bitcoin.
The Beijing conference sees Dalio, along with other business leaders, headlining discussions on an emerging new economy. With no end in sight for a US-China trade deal and growing political turmoil worldwide, Dalio compares the current economic climate to 1944 during World War II:
Billionaire Ray Dalio tells #neweconforum we're heading into a new world order just as the global economy enters a "big sag" https://t.co/yi7knGopwo pic.twitter.com/f4GmLtz9lt
— Bloomberg (@business) November 21, 2019
The Next Crash Will Establish a ‘New World Order’
Dalio warns that western nation obligations, including pensions and healthcare, will inevitably come home to roost in the next recession.
In a globally-connected economy, nobody will escape the problems of low-interest rates and trillion-dollar deficits. Central banks will have no other choice except to print even more money.
In other words, 75 years on and national leaders will have to come together again to solve a totally new crisis:
So we’re at a point which is very similar to 1944… There was a new world order. And there was a new monetary system. We established the dollar reserve currency based system. All of that is going to change the world order in dramatic ways in the next ten years.
1944 was, of course, marked by one of the darkest periods in history, namely World War II.
That year the Bretton Woods agreement was established to rebuild the international economic system by, amongst other things:
- Tying fiat currencies to gold
- Preventing countries from competitively devaluing their currencies
Of course, both those goals went out the window in 1971 when Nixon stopped backing US dollars with gold.
Ray Dalio – a Secret Bitcoin Hodler?
So what is this new monetary system then? Well, Dalio doesn’t explicitly say. It’s no secret that he remains a steadfast Bitcoin critic. On more than one occasion he has openly dismissed the leading cryptocurrency, although, practically anyone could make those same arguments about fiat today.
His latest discussion, however, sounds suspiciously as if he is vaguely endorsing and secretly holding Bitcoin. Dalio’s view is a bit odd for a man who recently showed up to Burning Man, a counter-culture movement not unlike Bitcoin’s.
One Twitter user sums up the talk best:
After the great collapse that Dalio envisions, the new world monetary order will be built on Bitcoin. It is Finance 2.0. Why? Because those who believe in bitcoin understand fundamental economic principles better than most incumbent keynesian boomers.