Bitcoin be a currency.. What is it., I wouldn't, call Bitcoin an alternative currency. I think, if anything, it's, an alternative to gold or a digital gold.. I think that would be the better comparison.
. You do have the same or similar supply constraints, and it is something that investors have been looking to as they worry about fiat currencies being devalued by all this central bank printing., But Bitcoin, you know, look it's.
If you're speculating on it a lot of people out there have made a lot of money on it as an institutional investor.. I think we don't know. Yet if it's going to be digital gold., It may be, it may be over time, but I don't think we can say that with confidence yet.
And that affects our view on whether or not we think our clients should Own it. All right., So going forward. What will be the trigger that will signify that this is digital gold and we'll, give a green light to Bridgewater to start investing client money in it.
. Well, I don't. Think there's, one green light that would have Bridgewater invest in it., But I think there are a couple things we definitely be watching carefully.. First, we want to see lower volatility.
, I mean right now: Bitcoin can move 10 percent on a tweet.. That's, not exactly a store held of wealth for most institutional investors.. So the volatility of bitcoin is about ten times that of your dollar.
. It's, still double that of the Venezuelan bolívar.. So that gives you an idea.. You want to see a lower volatility, more stable asset, if you want to consider it as a stockholder wealth, a diversified.
. I think. Secondly - and these are related. - You want to see greater liquidity. And I think - and that takes me to the third thing, which is regulatory certainty., The more you get a real regulatory ecosystem developing around Bitcoin and other crypto currencies.
The more other types of investors are going to be comfortable. Coming in., That's, going to bring the liquidity. That's going to reduce the volatility.. So I guess if there were one thing I was watching first, it would be seeing more regulatory certainty.
And I'm, not sure when that's going to come into us.