Bitcoin Foundation President Brock Pierce addresses the global growth of the crypto market.
Ray Dalio, the billionaire founder of Bridgewater Associates, splashed cold water on Bitcoin on Wednesday and said that if the cryptocurrency gets too big, regulators will “kill” it.
“I think at the end of the day, if he’s really successful, they’ll kill him and try to kill him,” he told CNBC. “And I think they’ll kill him because they have ways to kill him.”
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The report noted that the currency has quadrupled in value over the past twelve months and hovered around $ 47,500 on Wednesday. In June, El Salvador became the first country to identify Bitcoin as a legal tender.
Ray Dalio, billionaire and founder of Bridgewater Associates LP, speaks at the Milken Institute Global Conference in Beverly Hills, California, USA on Wednesday, May 1, 2019. Photographer: Patrick T. Fallon / Bloomberg via Getty Images
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Dalio is not the first head of hedge fund to question cryptocurrencies.
John Paulson, the hedge fund billionaire who made a fortune in 2008 when he reduced the housing bubble, said last month that he believes cryptocurrencies will eventually fail.
Verdence Capital Advisors CEO Leo Kelly argues that it is a “stretch” for Bitcoin to replace the currency.
The 65-year-old told Bloomberg Wealth with David Rubenstein that he would not recommend the investment to anyone. He said there is a cryptocurrency bubble that “will end up proving useless.”
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“I would describe them as a limited supply of nothing,” he said. “Therefore, to the extent that there is more demand than limited supply, the price would go up. But as demand falls, the price would go down. There is no intrinsic value to any of the cryptocurrencies, unless there is there is a limited amount. “