Billionaire Ray Dalio is the founder of Bridgewater Associates, the largest hedge fund in the world. He has warned that governments could ban bitcoin. He stressed that governments could outlaw bitcoin, as they have outlawed gold and silver in history.
Ray Dalio continues to warn about governments outlawing cryptocurrency
Ray Dalio, founder of Bridgewater Associates, spoke about bitcoin on Saturday’s Investor’s Podcast Network. He reiterated his warning against governments outlawing cryptocurrency. Dalio is currently the chairman of Bridgewater Associates and co-chief investor officer. His clients include governments, foundations and endowments.
Dalio stated that there are “regulatory issues” with bitcoin. He explained that if there is an alternative currency, it can be a threat to all governments. Dalio said, “Every government wants to have a monopoly on their currency, and especially if it doesn’t get lost.”
They’ve banned gold, silver, and other metals throughout history. And they might ban bitcoin.
Dalio did admit that he does have a little bitcoin in his portfolio to diversify. He said, “I’m Mr. Diversification.” Bridgewater Associates boss revealed recently that he also has some ether (ETH).
Dalio commented on the recommendation of Bill Miller, a famous fund manager who suggested that investors should have 1% to 22% of their portfolio in Bitcoin.
Dalio stated that, despite the concern that some governments might ban bitcoin.
It is amazing that this concept was coded 10, years before the modern age and has remained relevant.
According to the billionaire, he doesn’t believe bitcoin will replace gold like some have suggested. He doesn’t believe the BTC price could go as high as $1 million.
Microstrategy CEO Michael Saylor, however, has stated repeatedly that bitcoin will replace the gold. Pro-bitcoin executive Michael Saylor also believes that the price of bitcoin will reach $6 million. Fund managers are also increasingly choosing to invest in bitcoin instead of gold because they believe the cryptocurrency is a better store-of-value.
Bridgewater Associates founder, John Bridgewater, has warned that governments could ban bitcoin for a long time. He stated in September that regulators would kill bitcoin if it is “really successful.” Additionally, he warned that cryptocurrencies’ success could lead to strict regulations. He noted that regulators could impose “shocking taxes” on digital currency.
Ray Dalio, do you agree? Please comment below.
Kevin, a student of Austrian Economics and evangelist since then. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.
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