If Bitcoin Is Successful, ‘They’ll Kill It’
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If Bitcoin Is Successful, ‘They’ll Kill It’

Founder of world’s largest hedge fund weighs in on cryptocurrency.

By Mark DeCambre
Fri, Sep 17, 2021 11:31amGrey Clock 2 min

I think at the end of the day if it’s really successful, they’ll kill it. And they’ll try to kill it. And I think they will kill it because they have ways of killing it. But that doesn’t mean it doesn’t have a place—a value and so on.” – Ray Dalio

Ray Dalio, billionaire investor and founder of Bridgewater Associates, the world’s largest hedge fund, said that the more successful that Bitcoin becomes, the more likely that it will get neutralized by governments and regulators supporting traditional monetary systems.

In an interview with CNBC on Wednesday, Dalio reiterated comments that he has made in the past, repeating that governments have the power to undercut the growth of the nascent cryptocurrency market, including Bitcoin and Ether on the Ethereum blockchain, which may pose a threat to conventional finance and global central banks.

Dalio said that Bitcoin may not “have intrinsic value” but said that it could still be useful in a diversified portfolio. The hedge-fund manager said that he thinks it’s worth considering all the alternatives to cash and all the alternatives to some of the financial assets.

“I’m no expert on it … I think diversification matters,” he said. “Bitcoin has some merit,” he said.

“The real question is how much [does an investor] have in gold versus how much you have in Bitcoin,” he noted.

For his part, Dalio explained that he maintains “a certain amount of money in Bitcoin… it’s a small percentage of what I have in gold, which is a small percentage of what I have in my other assets.”

Dalio’s comments come as traditional markets are struggling to rise, with the Dow Jones Industrial Average, the S&P 500 index and the Nasdaq Composite aiming to break a recent downbeat trend in trading.

Dalio, a prominent figure in the world of finance, has a networth of US$20 billion, according to Forbes.

In the past, Dalio, founder of the world’s largest hedge-fund firm, Bridgewater Associates, has said that he’s “very bullish” about crypto as a digital-clearing mechanism, perhaps referring to decentralized finance, or DeFi.



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The Great Wealth Transfer: How rich millennials will invest the billions coming their way

The younger generation will bring a different mindset to how and where their newfound wealth is invested

By Bronwyn Allen
Fri, Mar 1, 2024 2 min

There is an enormous global wealth transfer in its beginning stages, whereby one of the largest generations in history – the baby boomers – will pass on their wealth to their millennial children. Knight Frank’s global research report, The Wealth Report 2024, estimates the wealth transfer set to take place over the next two decades in the United States alone will amount to US$90 trillion.

But it’s not just the size of the wealth transfer that is significant. It will also deliver billions of dollars in private capital into the hands of investors with a very different mindset.

Seismic change

Wealth managers say the young and rich have a higher social and environmental consciousness than older generations. After growing up in a world where economic inequality is rife and climate change has caused massive environmental damage, they are seeing their inherited wealth as a means of doing good.

Ben Whattam, co-founder of the Modern Affluence Exchange, describes it as a “seismic change”.

“Since World War II, Western economies have been driven by an overt focus on economic prosperity,” he says. “This has come at the expense of environmental prosperity and has arguably imposed social costs. The next generation is poised to inherit huge sums, and all the research we have commissioned confirms that they value societal and environmental wellbeing alongside economic gain and are unlikely to continue the relentless pursuit of growth at all costs.”

Investing with purpose

Mr Whattam said 66% of millennials wanted to invest with a purpose compared to 49% of Gen Xers. “Climate change is the number one concern for Gen Z and whether they’re rich or just affluent, they see it as their generational responsibility to fix what has been broken by their elders.”

Mike Pickett, director of Cazenove Capital, said millennial investors were less inclined to let a wealth manager make all the decisions.

“Overall, … there is a sense of the next generation wanting to be involved and engaged in the process of how their wealth is managed – for a firm to invest their money with them instead of for them,” he said.

Mr Pickett said another significant difference between millennials and older clients was their view on residential property investment. While property has generated immense wealth for baby boomers, particularly in Australia, younger investors did not necessarily see it as the best path.

“In particular, the low interest rate environment and impressive growth in house prices of the past 15 years is unlikely to be repeated in the next 15,” he said. “I also think there is some evidence that Gen Z may be happier to rent property or lease assets such as cars, and to adopt subscription-led lifestyles.”

Impact investing is a rising trend around the world, with more young entrepreneurs and activist investors proactively campaigning for change in the older companies they are invested in. Millennials are taking note of Gen X examples of entrepreneurs trying to force change. In 2022,  Australian billionaire tech mogul and major AGL shareholder, Mike Cannon-Brookes tried to buy the company so he could shut down its coal operations and turn it into a renewable energy giant. He described his takeover bid as “the world’s biggest decarbonisation project”.

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