The American investor and hedge fund manager Ray Dalio, is turning his attention to digital banks. The Billionaire is promoting the digital banking and mobile payment app Cash App in order to convince Gen Z that Cash App is the best option in the market.
Recently, Dario appeared in a brand-new commercial alongside the rapper Kendrick Lamar. In the video, Dario and Lamar appear teaching a young man about the basics of investments and entrepreneurship.
Cash App’s Strategy to Turn Over The Youth
Ray Dario is the founder of the largest hedge fund in the world, Bridgewater Associates.
Dario’s hedge fund owns a $168 million stake in Mastercard, a $119 million stake in PayPal, a $69 million of Visa, and a $5 million stake in Block (the company that owns Cash App).
Cash App is pushing a clear strategy of promoting its brand to young people. The Digital Banking and mobile payment App featured several celebrities like Serena Willians James Harden and even Tik Tok influencer Bella Porch in their marketing promotions.
Ray Dalio Embracing Crypto
In the past, Ray Dalio stated that he was skeptical about the cryptocurrency market.
In 2017, the billionaire stated that he believed Bitcoin was a bubble, and due to the transaction difficulties and how hard it was to actually spend the currency.
“It’s not an effective store hold of wealth because it has volatility to it,” Dalio told CNBC. “Bitcoin is a highly speculative market. Bitcoin is a bubble.”
“It’s a shame, it could be a currency. It could work conceptually, but the amount of speculation that is going on and the lack of transactions [hinders it],”
However, the hedge fund manager appears to have changed his mind. In 2021, Dalio stated that he personally invested in Bitcoin.
In addition, Bridgewater recently announced that they would be making moves to invest in cryptocurrency funds.
Cash App is one of the biggest Bitcoin facilitators today. The App allows for the transaction and investment of Bitcoin in its platform.
The Payment App states that users can buy bitcoin “with as little as $1.00. Cash App’s constant promotion of its platform for young people, and the App’s over 44 million users, expectations arise of a new surge of young Bitcoin investors in the future.
