Ray Dalio wants to enter the non-fungible token market, the latest craze to take the world of digital art collections by storm.
“I really want to buy NFTs to experience it,” Dalio told artificial intelligence researcher Lex Fridman in a podcast released on Saturday. “I think I should produce one,” he said, accepting Fridman’s suggestion that he should see what it looks like.
NFTs are unique, irreplaceable, mostly digital items related to works such as art, real estate or music that users buy and sell online. These are powered by blockchain technology, like bitcoin, to keep a digital record of ownership.
“This stuff is happening. This stuff is real,” said the founder and co-chief investment officer of Bridgewater Associates. “But like all new real things, some are going to go away and some are going to… you know, it’s like the Internet in the year 2000.”
“It’s the beauty of a competitive system that will evolve,” he added. “Some things will be precious and some will be destroyed.”
During his discussion, Dalio said he believed the world was at a time when different types of currency would compete as the value of fiat currency depreciated due to overprinting. He indicated that the evolution of Bitcoin has changed its mind about cryptocurrencies.
“There will be a money competition, and bitcoin is part of that competition,” he said. “But there will be a lot of money, not just crypto money. There will be central bank crypto money.”
NFTs can also become a type of money that could eventually make people say, “I’d rather own it than own bitcoin,” he said.
NFT’s sales have had a mega year, grossing around $ 320 million last week alone. NFT’s total transaction volume for 2021 peaked at more than $ 23 billion, up from $ 100 million 12 months earlier, according to data from DappRadar.
Earlier this month, Dalio revealed he owns ether as well as bitcoin and reiterated that cash is the “worst investment.”
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