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Nexo

Ray Dalio’s CFO Ditches Bridgewater For Bitcoin Biz

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0
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John Dalby has been named the new CFO of institutional Bitcoin firm NYDIG. The C-level executive comes from Ray Dalio’s Bridgewater Associates, and is a rather surprising move considering the company’s stance on crypto.

The pivot for the top finance officer not only represents a world of change for his career, but could be a sign of further acceptance of Bitcoin and other cryptocurrencies. Here’s more on who John Dalby is, and what this could mean for the industry.

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John Dalby: From Ray Dalio’s Bridgewater To Bitcoin

John Dalby has spent just over two years as the chief financial officer for the world’s largest hedge fund, led by economist Ray Dalio. Prior to his time at Bridgewater, Dalby served as CFO and COO at D. E. Shaw Renewables Investments, and before that worked at UBS Americas as the CFO.

His latest venture will be joining rapidly growing Bitcoin firm NYDIG according to a press release distributed today. The change is notable given Ray Dalio’s public reluctance and skepticism around cryptocurrencies. Clearly, that’s not the mindset of everyone within the firm.

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Notably, a CFO is responsible for how money is managed in a corporation, which is why Dalby ditching Dalio for a Bitcoin firm is a big deal. This could be viewed as a sign that even CFOs of the biggest and best should turn their attention towards BTC.

This situation also works counter to a recent claim that CFOs weren’t interested in crypto. The claim comes from Jerry Klein, managing director of Treasury Partners, a firm that manages portfolios for various companies.

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“I’ve been working with CFOs and treasurers for 25 years and reviewed hundreds of investment policies,” says Klein. “Virtually all emphasize safety and liquidity as the top priority. Very few companies will accept even modest risk with corporate cash.”

bitcoin market cap

Plenty of liquidity at $1 trillion and climbing | Source: CRYPTOCAP-BTC on TradingView.com

Liquidity in Bitcoin is less of a problem these days with the asset’s market cap now more than $1 trillion. Even Tesla cashed out a portion of their BTC and the market survived another day.

“I don’t see Bitcoin being widely adopted as an investment vehicle for corporate cash,” Klein continued. “Not one of our clients has expressed interest in Bitcoin.”

Water Under The Bridge As Crypto Revenues Change CFO Minds

But CFOs might soon start to take more notice after a move like this, and after seeing the revenue boost of companies like MicroStrategy, Tesla, and Square Inc. Even brands that are associated with Bitcoin like Coinbase have seen revenues skyrocket due to growing global interest.

Dalby is not just defecting Bridgewater, he’s defecting against traditional financial concepts, and embracing the blockchain revolution brought forth by Bitcoin.

Related Reading | What Elon Musk’s SNL Appearance Could Mean For Bitcoin & Dogecoin

Maybe now it is also time not just for CFOs to pay attention, but for Dalio and Bridgewater to pay attention also.

Featured image iStockPhoto, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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