Crypto
Dalio's Bitcoin Endorsement Triggers Gold-Bitcoin Ratio Crash
The value of gold against Bitcoin has dropped to its lowest point in three months as Ray Dalio urges investors to buy some BTC.
Dalio stated that national debts are soaring, and this is creating a need for diversification with assets like Bitcoin and gold. He noted that these two have the potential to perform well because they are not produced by governments.
The billionaire's remarks come days after the US debt reached $40 trillion for the first time in history. The XAU/BTC ratio has dropped from 0.070 on August 17 to 0.057 at the time of writing, a 23% drawdown in just five days.