Billionaire Ray Dalio Insists Governments Could Outlaw Bitcoin – Regulation Bitcoin News
Billionaire Ray Dalio, the founding father of the world’s largest hedge fund, Bridgewater Associates, has reiterated his warning that governments might outlaw bitcoin. “In history, they’ve outlawed gold and they’ve outlawed silver and so on, and they could outlaw bitcoin,” he confused.
Ray Dalio Continues to Warn About Governments Outlawing Cryptocurrency
Bridgewater Associates founder Ray Dalio talked about bitcoin as he reiterated his warning that governments might outlaw the cryptocurrency on the Investor’s Podcast Network, revealed Saturday. Dalio at present serves as Bridgewater Associates’ chairman and co-chief funding officer. His agency’s purchasers embody endowments, governments, foundations, pensions, and sovereign wealth funds.
Dalio warned that “there are regulatory issues” surrounding bitcoin. “When you have an alternative currency, that’s a threat to every government,” he elaborated. “Every government wants a monopoly in their own currency and particularly if you get a better currency because it doesn’t get devalued.” Dalio added:
In historical past, they’ve outlawed gold they usually’ve outlawed silver and so forth, they usually might outlaw bitcoin.
Nonetheless, Dalio admitted that he has a small quantity of bitcoin in his portfolio for diversification. “I’m Mr. diversification,” he mentioned. The Bridgewater Associates boss additionally not too long ago revealed that he additionally owns some ether (ETH).
Commenting on the advice by one other well-known fund supervisor, Bill Miller, who mentioned that traders ought to maintain about 1% to 2% of their portfolio in bitcoin, Dalio mentioned, “I think that’s right.”
Despite the fear that governments might ban bitcoin, Dalio opined:
It’s very spectacular that this idea was programmed one thing like 10, 11 years in the past and has stood the take a look at of time.
The billionaire beforehand mentioned he doesn’t imagine that bitcoin will substitute gold as some individuals have instructed. He additionally doesn’t imagine that the value of BTC might attain a really excessive quantity akin to $1 million.
In distinction, Microstrategy CEO Michael Saylor has repeatedly mentioned that bitcoin will substitute gold. The pro-bitcoin government additionally expects the value of BTC to achieve $6 million. In addition, fund managers are more and more opting to put money into bitcoin over gold, seeing the cryptocurrency as a greater retailer of worth.
The Bridgewater Associates founder has warned about governments banning bitcoin for fairly a while. In September final yr, he mentioned that regulators will kill bitcoin if it turns into “really successful.” In addition, he mentioned in May final yr that the success of cryptocurrencies might deliver powerful rules. For instance, he famous regulators might impose “shocking” taxes on digital foreign money.
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