Diversification is key as world faces currency debasement threat - Ray Dalio
雷·達里奧（Ray Dalio）: 隨著世界面臨貨幣貶值威脅，多元化是關鍵
Rajan Dhall
Friday April 16, 2021 15:29
Investors should be well-diversified, including holding some bitcoin, as the world faces a global currency debasement threat, according billionaire investor Ray Dalio, founder of Bridgewater Associates.
Bridgewater Associates創始人億萬富翁投資者雷·達利奧（Ray Dalio）表示，由於世界面臨全球貨幣貶值的威脅，投資者應多元化，包括持有一些比特幣。
Dalio participated in a discussion during the Texas A&M Bitcoin Conference Friday, where he highlighted points both for and against the dominant digital currency. Dailo pointed out that 2% of bitcoin holders own 90% of all bitcoin. He also said that there are 21 million coins that can be mined. The market is currently at 18 million and a total of 4 million are presumed to have been lost.
達利奧（Dalio）參加了周五在德克薩斯州A＆M比特幣會議期間的討論，在會議上他強調了支持和反對主要數字貨幣的觀點。 Dailo指出，2％的比特幣持有者擁有90％的比特幣。他還說，有2100萬枚硬幣可以被開採。該市場目前為1800萬，估計總共損失了400萬。
Dalio also used history to explain the looming global currency threat. He likened the dollar move to the Dutch & British empires. The fact that a massive amount of printing seemed uncomfortable for Dalio and he referred back to the gold standard on a few occasions.
達利奧還用歷史來解釋迫在眉睫的全球貨幣威脅。他把美元比作荷蘭和英國帝國。對於Dalio來說，大量印刷似乎不舒服，因此他幾次提到了金本位制。
The threat started when the U.S. moved off the gold standard in the 1970s. One anecdote Dalio mentioned was when he was a clerk on the floor of the stock exchange when Nixon removed the gold standard. He said that he expected stocks to tank. However, he noted that equities did the opposite. He added that later realized that this is because they could now expand the amount of dollars in circulation as it was not governed by a hard asset.
當美國在1970年代脫離金本位制時，威脅就開始了。達利奧提到的一個軼事是當尼克松取消金本位時，他是證券交易所的業務員。他說，他預計庫存會下降。但是，他指出，股票卻相反。他補充說，後來意識到這是因為他們現在可以擴大流通的美元數量，因為它(美元)不再受實體資產所支配。
In previous empires, there was always a propensity to print money in times of need, he said. As with the past, this could be the starting point of the current demise, he added.
他說，在以前的帝國中，總是有在需要時印鈔的傾向。他補充說，與過去一樣，這可能是當前消亡的起點。
Joe Dowling, Global Co-Head of Blackstone Alternative Asset Management, also participated in the discussion.
黑石另類資產管理全球聯席主管Joe Dowling也參加了討論。
He also made some valid points about bitcoin saying, "There are 5 billion people on the planet that have no access to banks."
他還對比特幣提出了一些正確的觀點，他說：“地球上有50億人無法方便的使用銀行。”
He adding "[Bitcoin] is the only asset where you can walk across the border with 1 billion dollars without batting an eyelid, you cannot do this with gold or diamonds.".
他補充說：“ [比特幣]是唯一可以用10億美元跨過邊境而又 “不擊中眼皮” (厘語: 不必擔心的) 的資產，而黃金或鑽石是無法做到的。”
Dalio wrapped up his discussion, saying the dollar has never had a competitor. However, Bitcoin and China's potential new digital currency could be it, especially as the U.S. continues to increase its debt and issue new treasuries.
達里奧結束了他的討論，他說美元從來沒有競爭對手。但是，比特幣和中國潛在的新數字貨幣可能就是比特幣，尤其是在美國繼續增加債務並發行新國債的情況下。
China holds $1 trillion worth of U.S. debt and if the devaluing keeps taking place, this could be a major catalyst for change," he said.
中國持有價值1萬億美元的美國債務，如果人民幣繼續貶值，這可能是變革的主要催化劑。”
As for the best way to protect yourself, Dalio said that if there is to be a de-dollarization event, then investors will need to pick a few assets that would thrive in that scenario. Being over-exposed to bitcoin presents its own problems.
至於保護自己的最佳方法，達里奧說，如果發生美元貶值事件，那麼投資者將需要挑選一些在這種情況下會蓬勃發展的資產。過度暴露於比特幣會帶來自身的問題。
Dalio said that Bitcoin should represent about 20% of an investment portfolio.
達利奧說，比特幣應佔投資組合的約20％。
A few times, it was mentioned that the U.S. government could outlaw bitcoin and how would some people who have amassed wealth in the asset handle such a situation. Dalio said, "there is no one magical thing that will make this work in an anti-fiat cycle. There needs to be diversification."
曾有幾次提到美國政府可能將比特幣取締，有些在資產中積累了財富的人將如何處理這種情況。達里奧說：“沒有任何一件神奇的事能使這項工作以反法令的周期進行。需要進行多樣化(資產配置)。”
By Rajan Dhall
Shiny黃金白銀交易所
引用: Kitco News
雷·達里奧（Ray Dalio）: 隨著世界面臨貨幣貶值威脅，多元化是關鍵
Rajan Dhall
Friday April 16, 2021 15:29
Investors should be well-diversified, including holding some bitcoin, as the world faces a global currency debasement threat, according billionaire investor Ray Dalio, founder of Bridgewater Associates.
Bridgewater Associates創始人億萬富翁投資者雷·達利奧（Ray Dalio）表示，由於世界面臨全球貨幣貶值的威脅，投資者應多元化，包括持有一些比特幣。
Dalio participated in a discussion during the Texas A&M Bitcoin Conference Friday, where he highlighted points both for and against the dominant digital currency. Dailo pointed out that 2% of bitcoin holders own 90% of all bitcoin. He also said that there are 21 million coins that can be mined. The market is currently at 18 million and a total of 4 million are presumed to have been lost.
達利奧（Dalio）參加了周五在德克薩斯州A＆M比特幣會議期間的討論，在會議上他強調了支持和反對主要數字貨幣的觀點。 Dailo指出，2％的比特幣持有者擁有90％的比特幣。他還說，有2100萬枚硬幣可以被開採。該市場目前為1800萬，估計總共損失了400萬。
Dalio also used history to explain the looming global currency threat. He likened the dollar move to the Dutch & British empires. The fact that a massive amount of printing seemed uncomfortable for Dalio and he referred back to the gold standard on a few occasions.
達利奧還用歷史來解釋迫在眉睫的全球貨幣威脅。他把美元比作荷蘭和英國帝國。對於Dalio來說，大量印刷似乎不舒服，因此他幾次提到了金本位制。
The threat started when the U.S. moved off the gold standard in the 1970s. One anecdote Dalio mentioned was when he was a clerk on the floor of the stock exchange when Nixon removed the gold standard. He said that he expected stocks to tank. However, he noted that equities did the opposite. He added that later realized that this is because they could now expand the amount of dollars in circulation as it was not governed by a hard asset.
當美國在1970年代脫離金本位制時，威脅就開始了。達利奧提到的一個軼事是當尼克松取消金本位時，他是證券交易所的業務員。他說，他預計庫存會下降。但是，他指出，股票卻相反。他補充說，後來意識到這是因為他們現在可以擴大流通的美元數量，因為它(美元)不再受實體資產所支配。
In previous empires, there was always a propensity to print money in times of need, he said. As with the past, this could be the starting point of the current demise, he added.
他說，在以前的帝國中，總是有在需要時印鈔的傾向。他補充說，與過去一樣，這可能是當前消亡的起點。
Joe Dowling, Global Co-Head of Blackstone Alternative Asset Management, also participated in the discussion.
黑石另類資產管理全球聯席主管Joe Dowling也參加了討論。
He also made some valid points about bitcoin saying, "There are 5 billion people on the planet that have no access to banks."
他還對比特幣提出了一些正確的觀點，他說：“地球上有50億人無法方便的使用銀行。”
He adding "[Bitcoin] is the only asset where you can walk across the border with 1 billion dollars without batting an eyelid, you cannot do this with gold or diamonds.".
他補充說：“ [比特幣]是唯一可以用10億美元跨過邊境而又 “不擊中眼皮” (厘語: 不必擔心的) 的資產，而黃金或鑽石是無法做到的。”
Dalio wrapped up his discussion, saying the dollar has never had a competitor. However, Bitcoin and China's potential new digital currency could be it, especially as the U.S. continues to increase its debt and issue new treasuries.
達里奧結束了他的討論，他說美元從來沒有競爭對手。但是，比特幣和中國潛在的新數字貨幣可能就是比特幣，尤其是在美國繼續增加債務並發行新國債的情況下。
China holds $1 trillion worth of U.S. debt and if the devaluing keeps taking place, this could be a major catalyst for change," he said.
中國持有價值1萬億美元的美國債務，如果人民幣繼續貶值，這可能是變革的主要催化劑。”
As for the best way to protect yourself, Dalio said that if there is to be a de-dollarization event, then investors will need to pick a few assets that would thrive in that scenario. Being over-exposed to bitcoin presents its own problems.
至於保護自己的最佳方法，達里奧說，如果發生美元貶值事件，那麼投資者將需要挑選一些在這種情況下會蓬勃發展的資產。過度暴露於比特幣會帶來自身的問題。
Dalio said that Bitcoin should represent about 20% of an investment portfolio.
達利奧說，比特幣應佔投資組合的約20％。
A few times, it was mentioned that the U.S. government could outlaw bitcoin and how would some people who have amassed wealth in the asset handle such a situation. Dalio said, "there is no one magical thing that will make this work in an anti-fiat cycle. There needs to be diversification."
曾有幾次提到美國政府可能將比特幣取締，有些在資產中積累了財富的人將如何處理這種情況。達里奧說：“沒有任何一件神奇的事能使這項工作以反法令的周期進行。需要進行多樣化(資產配置)。”
By Rajan Dhall
Shiny黃金白銀交易所
引用: Kitco News
