Ray Dalio, founder of Bridgewater Associates, said on Tuesday that it’s possible that the U.S. dollar may revert to the gold standard.

“History shows us that the same cycles repeat time and time again. One such cycle is related to currency devaluation,” Dalio said in a post on X. “Once people start to lose trust in the fiat system, we see a specific cause and effect reaction occur.”

He anticipates that governments are likely to print more money and use that money to pay off debt. However, since the increase in money supply would devalue the currency, nobody would want to hold onto it anymore. “Governments go back and link money to gold,” he wrote, adding that this would be the final step of the cycle.

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