Bitcoin has once again taken a basing from no less a personality than Ray Dalio, the Billionaire owner of Bridgewater Associates. Dalio made the comment during an interview at Davos Switzerland according to reports filed by CNBC on January 21.

The World Economic Forum in Davos is an avenue in which economic movers and world leaders deliberate on policies that border on global economy.

Speaking on the occasion, Dalio stated that despite the interest that Bitcoin has generated among many investors, that it is not really a store of value and a means of exchange. He advised investors to diversify their portfolio interests in assets such as stocks while de-emphasizing Bitcoin and by extension cryptocurrencies.

He emphasized that stocks and other assets should be the priority of investors instead of just keeping their funds in fiat stating that “cash is trash” due to the fact that central banks have the ability to mint them at will. To him, this is the best approach in countering recession. He believes that the Treasury would naturally do this during downturns.

Dalio also advised that investors should have some of their wealth in gold while rubbishing the comparison that has been made between Bitcoin and gold. Some of the harsh words he had for Bitcoin:

“There’s two purposes of money, a medium of exchange and a store hold of wealth, and Bitcoin is not effective in either of those cases now.”

He maintained that gold is the asset of choice because it has been tried for thousands of years and found to be reliable. The same cannot be said for Bitcoin. This to him is the reason why central banks are the biggest holders of gold.