The paradigm shift in organizational structure is not new, as many fortune 500 companies worldwide, in a bit to become more valuable, continue to reshuffle their management team. Ray Dalio, the founder of Bridgewater Associates and known popularly as a Bitcoin skeptic, is not new to reshuffling. The hedge fund manager wants more individuals, other than the three executives running the company’s affairs, to lead Bridgewater to further success. The business loss of about 8% last year is forcing the investor to reconsider his business interference, as the hedge fund managers have now confirmed that a change is imminent.
Bitcoin’s success is attracting Dalio and Bridgewater
Bridgewater Associates’ position as the largest hedge fund in the world cannot be questioned, as the asset managers now have more than $140 billion worth of assets under their coffers. Ray Dialo, Bob Prince, and Greg Jensen are currently the three men who handle the investment managers’ business affairs. The 7.6% loss acquired by the hedge funds last year, coupled with the astounding growth of Bitcoin, an asset which Dialo has seemed to be interested in now, is only implying that there is a business restructuring looming ahead.
Dialo has spent a few times criticizing Bitcoin, sighting issues like price volatility for defending his opinions. The hedge fund manager, before this time, has always advised individuals to invest in Gold, an asset he believes is a hedge against cryptocurrencies like Bitcoin, since it has withstood the test of time. The Executive had also spoken about the fortunes of Bitcoin last year when he concluded that the government regulations would not allow Bitcoin to thrive, as he predicts that the assets will be off the market sooner than expected.
In a surprising twist of fate, Dialo, in his usual blog post on Twitter, informed his followers in January that Bridgewater is seriously considering the options of exploring Bitcoin as an alternative investment option, considering that the asset had flourished at a time Bridgewater had incurred losses.
New team members are still skeptical about Bitcoin
There is currently no official news of Bridgewater institutionally investing in Bitcoin as of today. The new expansion of the business investment team had seen the previous three members now joined by Osman Nalbantoglu, Karen Karniol-Tambour, and Rebecca Patterson. The three new members are well-experienced investment managers and now have a daunting task of turning Bridgewater Associates’ fortunes around for good.
However, the new change does not mean that the asset managers will automatically invest their Treasury reserves in Bitcoin, as some key members of the new team are unsure of Bitcoin. A new member of the team, Rebbecca Patterson, believes that the institutional adoption of Bitcoin does not change the fact that the asset is still a very volatile one which is too risky to commit investors’ funds to. However, analysts believe that Ray Dialo new stance on Bitcoin will likely turn the mind of the Asset managers around as they look to make the best out of a year that is looking good for Bitcoin.