Although billionaire Ray Dalio feels that fiat currency is in danger, he is also of the opinion that neither Bitcoin (BTC) nor stablecoins are the solution to the problem. As something of a reaction, people in the cryptocurrency community have taken to Twitter to share their thoughts on the matter.

During a recent appearance on CNBC’s Squawk, Dalio was asked about his thoughts on Bitcoin as a possible solution to the problems caused by fiat money. The billionaire claimed that it would not be useful as a means of trade or as a place to store wealth. Adding to this point, Dalio emphasized that stablecoins are just imitations of state-backed coins and therefore would not be an efficient form of currency.

Bitcoin users were quick to respond to the interview, stating that Dalio’s definition of what money should be is already reflected in Bitcoin. Additionally, a Twitter user identified many intrinsic properties of Bitcoin, noting that it provides the answer Dalio is looking for. A community member tweeted: A community member believes that Bitcoin is the solution to the monetary problem that Dalio described due to the cryptocurrency’s resistance to censorship, neutrality, openness, limited supply, and freedom of control.

While this was going on, a different member of the Bitcoin community said that Dalio had given them an “orange pill” with his views on the history of money. The opinion of the Twitter user is that the interview shows that the billionaire is getting closer to “really understanding Bitcoin.”

His view on Bitcoin has traditionally swung between bullish and bearish for Dalio. In 2021, he moved from characterizing Bitcoin as “a great innovation” to adopting a more bearish story, during which he discussed the possibility of a Bitcoin ban being enacted in the United States and said he would prefer gold over Bitcoin as a medium. exchange.

In 2022, the billionaire advocated for an allocation of between one and two percent of investor portfolios to Bitcoin. Back then, Dalio praised Bitcoin for its resistance to hackers, saying that there is no other cryptocurrency that can compete with it on the market.