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let's get on with the video many of the world's most successful investors have refused to recognize bitcoin as a legitimate financial investment during the last decade warren buffett has indicated several times that he believes bitcoin and other cryptocurrencies are worthless bill gates has also indicated that if it were possible to short bitcoin easily he would do so however several hedge fund millionaires and financial organizations have suddenly changed their minds about bitcoin which might have a long-term favorable influence on the cryptocurrency industry after all institutional businesses and investors control the bulk of purchasing power in the financial markets thus they have a significant effect on security prices in this video i will discuss how some famous investors and institutions may have changed their minds and how this may have a significant influence on bitcoin in the future it's no surprise that hedge funds have billions of dollars in purchasing power their customers are the richest of the affluent and as a result we need to understand what's going on in the hedge fund sector since it has a direct influence on many of our investments for example just a few months ago the archagos capital event occurred directly in front of our eyes and had a huge influence on many sections of the market recently ray dalio the creator of the world's largest hedge fund bridgewater associates came out against bitcoin and revealed how he acquired it himself dalio has been skeptical of bitcoin for many years so his abrupt change of heart in his perspective is surely shocking he even stated in 2017 that bitcoin and other cryptocurrencies were a speculative bubble dalio's primary motivation for purchasing bitcoin was its application as an effective store value this is especially essential in today's financial environment when we are seeing significant inflation to battle the epidemic in 2020 governments all around the globe have created money which has resulted in one result monetary inflation supply demand inflation and monetary inflation are the two main forms of inflation supply demand inflation occurs when demand exceeds supply and as a result consumer goods prices must rise monetary inflation on the other hand is defined as a continuous increase in the money supply we are currently witnessing supply demand inflation as well as monetary inflation because almost everything is in short supply and the fed is likewise boosting the money supply dalio believes that monetary inflation is the more dangerous of the two forms of inflation people will search for a method to keep their money when there is too much monetary inflation which is precisely what we are witnessing today across the board investments are skyrocketing equities cryptocurrency real estate commodities and even art are at all time highs the difficulty with this is that if the monetary inflation becomes excessive the federal reserve will be forced to tighten its monetary policies however if interest rates are raised the whole financial sector will fall since those assets were inflated by low interest rates according to dalio this is a reoccurring cycle that is quite comparable to the inflationary period of the 1970s when the inflation rate averaged a 7.1 year-over-year increase throughout the decade as a result most investors saw negative returns when adjusted for inflation in the 1970s while dalio's acquisition of bitcoin may appear to be an unexpected change of heart it makes sense given his perspective on our economy's future ray dalio has been warning for months that currency is worthless and that severe inflation and depreciation of the u.s dollar are on the way while dalio owns bitcoin he sees one significant risk bitcoin's success may cause it to become a problem in other words the success of bitcoin has negative consequences because as bitcoin gets popular governments will seek to control it and in some cases outright outlaw it i'm not concerned as a bitcoin investor this is due to the fact that if bitcoin is prohibited it will be in a similar scenario as gold in the 1900s in 1934 president franklin d roosevelt signed the gold reserve act which effectively prohibited all americans from owning gold the gold reserve legislation unbeknownst to the government simply made gold more appealing as an investment from 1935 to 1940 gold holdings more than quadrupled in 1936 the treasury department grew concerned about inflation because they felt that a huge inflow of gold into the united states would result in significant inflation of the u.s currency to do this the treasury department had to purchase gold inside an active account that would not be converted to u.s dollars essentially what i'm saying is that if the u.s government bans bitcoin it may actually make the investment in bitcoin more appealing since it shows that the u.s is concerned about inflation of the u.s currency furthermore ray dalio isn't the only one who sees bitcoin as a hedge against inflation stanley druckenmiller a billionaire hedge fund manager said that wally is skeptical of bitcoin's future and whether or not it will be successful he owns some bill miller a millionaire value investor believes in bitcoin because it acts as a store of value and performs a similar role to gold however contrary to dalio he feels that as the price of bitcoin rises it gets less hazardous since it is approaching widespread acceptance these three institutional investors ray dalio stanley druckenmiller and bill miller have significant financial clout and will play a significant role in influencing institutional perceptions about bitcoin bitcoin is currently recognized as a genuine asset class by numerous big financial organizations including goldman sachs goldman sachs just declared on may 24th that it will be evaluating bitcoin as a genuine investable asset goldman did this because institutional investors are taking cryptocurrency seriously kathy wood as some of you may know has indicated that if banks take bitcoin seriously as a store of wealth bitcoin might reach 500 000 which in this case could lead to the downfall of bitcoin please let me know if you believe bitcoin can reach this price and whether you believe more hedge funds should begin investing in cryptocurrencies and i'll see you in the next one
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