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Bridgewater Associates is taking a closer look at bitcoin, according to founder Ray Dalio.

“I am writing this to clarify what I think of Bitcoin,” Dalio wrote in the column Bridgewater Daily Observations — the firm’s daily newsletter sent by the CIOs to its clients, one of whom shared details with The Block. “I believe Bitcoin is one hell of an invention.”

Dalio previously said that he didn’t think bitcoin would work as an everyday currency. He stepped back a bit from his longstanding critique of bitcoin last month, saying that cryptos like bitcoin could be a “gold-like asset.” Dalio also expressed concerns about storing bitcoin securely against cyber attacks.

In the note, Dalio added that Bitcoin “looks like a long duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing 80% of.”

Later in the letter, he explains how Bitcoin could potentially be an alternative to gold.

“This is what bitcoin looks like to this non-expert,” he added. 

“I tell you that I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets and expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity and Bitcoin  won’t escape our scrutiny.”

A spokesman for Dalio did not return comment ahead of publication.

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