Billionaire Investor Ray Dalio Says ‘Cash Is Still Trash’, Prefers ‘Digital Gold Bitcoin’

“Of course, cash is still trash,” Dalio said. “Do you know how fast you’re losing buying power in cash?” During the ongoing World Economic Forum (WEF) summit in Davos, Switzerland, he spoke on CNBC’s Squawk Box. “When I say cash is trash, what I mean is all currencies in [relation] to the euro, in relationship to the yen,” he explained. “All of those currencies like in the 1930s will be currencies that will go down in relationship to goods and services.” Dalio is the founder of Bridgewater Associates, the world’s largest hedge fund firm, which oversees $223 billion in assets. The 72-year-old American investor recommended consumers to diversify their portfolios by “getting out of cash,” which he referred to as “garbage,” in January 2020. Bitcoin as ‘digital gold’ Dalio discussed a variety of topics at Davos, including equities, the global economic outlook, and the Federal Reserve’s attempts to control inflation. He claimed that stock markets had grown overcrowded, and that “equities are trashier” than cash. “Everybody is long equities, and everybody wants everything to go up,” said Dalio. “The more they hype it the more it becomes somebody else’s financial asset they’re holding. You can’t have that, so you’re going to have an environment of negative real returns.” Bitcoin (BTC) is a popular kind of investment for billionaires at this time of global economic turmoil. Real estate and precious metals such as gold are among his saf...