Ray Dalio Calls Bitcoin “Alternative Money” as BTC Profit-Taking Surpasses $3.7B
- Ray Dalio described Bitcoin as an “alternative money” in a recent interview, highlighting its limited supply of 21 million coins.
- Over $3.7 billion in profit-taking was recorded in one day, marking the fifth-largest event for such activity in the year.
- The price of Bitcoin surged past $120,000, its highest level since mid-August, as traders anticipate a bullish market trend.
- Open interest in Bitcoin futures reached a record $88 billion, indicating strong trader engagement.
- Citigroup forecasted that Bitcoin could rise to $231,000 within the next year under favorable conditions.
Dalio’s endorsement of Bitcoin aligns with growing investor interest in alternative assets amid pressures on global bond markets. The significant profit-taking event and rising futures interest further underscore the market’s bullish sentiment.
As profit-taking surpasses $3.7 billion and Bitcoin prices rise above $120,000, key forecasts suggest potential future gains for the cryptocurrency market.(Source)
