Crypto-friendly Ray Dalio pulls out of Bridgewater's $150m fund

Dalio's perspective on cryptocurrencies evolved throughout his tenure at Bridgewater Associates.

After 47 years at the helm of the world's largest hedge fund, Bridgewater Associates, its founder Ray Dalio has completed a leadership transition that began in February. He is no longer one of the three co-Chief Investment Officers, but will remain a mentor for Chief Investment Officers and a member of the Board of Directors.

As announced on October 4 on Bridgewater's website, the company and Dalio have met the legal, regulatory and investor requirements necessary and required to complete the transition process. Going forward, the fund will be led by co-CEOs Nir Bar Dea and Mark Bertolini, and two co-chief investment officers: Greg Jensen and Bob Prince.

One of the most powerful figures in the global financial market, Dalio has demonstrated a healthy evolution of his views on crypto. In 2017, he called Bitcoin (BTC) a bubble due to the amount of speculation and lack of transactions. Three years later, he expressed his skepticism again, saying:

"Money serves two purposes, a medium of exchange and a store of wealth, and Bitcoin is not effective in either of those cases now."

The turning point in the super investor's opinion on crypto is the November 12, 2020 Twitter thread, where, while repeating his previous concerns about volatility, Dalio asked