Synopsis Dalio said he thinks of Bitcoin as a “long-duration option on a highly unknown future” and investing in it means recognizing the potential to lose about 80%. Reuters Jones started buying Bitcoin in May, calling it a gold-like hedge against inflation and the “fastest horse” in a field of alternatives to cash. Bitcoin has since tripled in price. Bridgewater Associates founder Ray Dalio said Bitcoin is “one hell of an invention” and he’s considering cryptocurrencies as investments for new funds offering clients protection against the debasement of fiat money. “To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a storehold of wealth is an amazing accomplishment,” Dalio wrote in a note to clients and later posted on Bridgewater’s website. “There aren’t many alternative gold-like assets at this time of rising need for them.”