During a conversation with the Council of Foreign Relations earlier this week, Fink said that Bitcoin could evolve into a “global market” because it had caught the “attention and imagination” of Millennials. “We look at it as something that’s real,” he said in the YouTube event, which also featured former Bank of England Governor Mark Carney. According to Fink, Bitcoin could threaten the U.S. dollar’s reserve status in international markets and make it “less relevant.”
Even as he outlined the cryptocurrency’s potential to upend traditional finance, Fink also highlighted drawbacks in its current market. “It is a sin market,” he said, referring to the use of Bitcoin by criminals for money laundering and other nefarious activities. Fink also pointed to the thin liquidity that characterizes Bitcoin trading markets and result in wild price swings. “[Bitcoin is] still untested. You see these big giant moves every day,” he said. Read more…..
Chart of the Day
Ray Dalio says it took more than great returns to turn Bridgewater Associates into the world’s largest hedge fund. It took principles — prescriptive rules for life and business that Dalio established over four decades. The principles are what make Bridgewater unique, and unusual. Now Dalio has published them in a book, along with his life story. Bloomberg’s Erik Schatzker sat down with Ray Dalio at Bridgewater’s campus in Westport Connecticut to review those principles.