Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, believes that if bitcoin has “real success,” regulators will “kill” it, reiterating its previous concerns about governments banning cryptocurrencies. Still, he sees bitcoin as a good alternative to cash and has some.
Billionaire Hedge fund manager Ray Dalio warns of regulators killing Bitcoin
Ray Dalio warns that regulators will come after Bitcoin if the cryptocurrency gets overall success at the SALT conference in New York on Wednesday.
Dalio currently serves as president and co-investment director of Bridgewater Associates. His company’s clients include endowments, governments, foundations, pensions, and sovereign wealth funds. Referring to bitcoin, the head of Bridgewater said:
I think at the end of the day, if he really succeeds, they will kill him and try to kill him. I think they will kill him because they have ways to kill him.
It was not the first time Dalio had warned about governments killing Bitcoin. Although he did not delve into how regulators will kill cryptocurrency, he said in May that they could impose tough regulation on the cryptocurrency market. He also said several times that governments could also ban or ban bitcoin.
Regulators around the world have been stepping up efforts to regulate cryptocurrency, including the United States, where Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has been calling for more funds to increase oversight of the cryptocurrency sector. .
Other countries actively trying to regulate cryptography include India, which is working on a cryptocurrency bill; China, which has been cracking down on cryptographic activities; and South Korea, where the new cryptographic law will come into force on September 24th. Meanwhile, El Salvador has acquired legal bitcoin notes alongside the US dollar. Dalio described:
You have El Salvador taking over and you have India and China getting rid of it. And you have the United States talking about how to regulate it and it could still be controlled.
Dalio explained that bitcoin has no intrinsic value, that is, it has no fundamental and objective value. He commented: “There are so many things in a historical perspective that did not have an intrinsic value and had perceived a value. And then it got hot and it got cold. It could be either way. You just have to know what it is all about. They could be tulips in Holland. “
However, the billionaire investor owns a small amount of bitcoins, considering it a good alternative to cash. The head of Bridgewater said:
I think it’s worth considering all the alternatives to cash and all the alternatives to other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin … It is an amazing success to have taken it from where this programming took place to where it is through the test of time.
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