Bridgewater Associates CEO and founder Ray Dalio argues that although Bitcoin (BTC) will gain higher worldwide popularity in the next few years, the presence of the digital yuan could undermine the position of the crypto king.
His opinion was shared in an interview with news media platform, CNBC recently.
"The renminbi (yuan) will be better known because it is a strong currency, more guaranteed attractive returns and will be widely used in the next few years," he said.
The digital yuan is China’s digitized fiat currency, also known as the central bank’s digital currency (CBDC).
In fact, Dalio also believes the digital yuan can outperform the digital dollar.
"It is an attractive alternative if accepted worldwide with lucrative interest rates. A currency with the best fundamentals will be the most competitive and will threaten the country. ”
The digital yuan is expected to be launched next year before the Winter Olympics in Beijing.
Recently, the architect of the digital yuan technology has suggested that the CBDC could be launched on the Ethereum network or Facebook's blockchain payment system, Diem.
