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Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, believes that if bitcoin is “really successful” regulators will “kill” it, reiterating his previous concerns about governments banning cryptocurrencies. Nevertheless, he sees bitcoin as a good alternative to cash and has it.
Billionaire hedge fund manager Ray Dalio warns regulators killing Bitcoin
Ray Dalio warns regulators coming after bitcoin if the cryptocurrency achieves general success at the SALT conference in New York on Wednesday.
Dalio is currently President and Co-Chief Investment Officer of Bridgewater Associates. His firm’s clients include endowments, governments, foundations, pensions and sovereign wealth funds. Referring to bitcoin, the Bridgewater boss said:
I think in the end, if it really succeeds, they’ll kill him and they’ll try to kill him. I think they’re going to kill him because they have ways to kill him.
It was not the first time that Dalio had warned that governments were killing bitcoin. While he did not explain how regulators will kill cryptocurrency, he said in May that they could impose strict regulation on the crypto market. He has also repeatedly stated that governments could ban or ban bitcoin as well.
Regulators around the world have stepped up efforts to regulate cryptocurrency, including in the United States, where Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has called for more funding to increase oversight of the industry. crypto.
Other countries are actively trying to regulate crypto, including India, which is working on a cryptocurrency bill; China, which has cracked down on crypto activity; and South Korea, where the new crypto law goes into effect on September 24. Meanwhile, El Salvador made bitcoin legal tender alongside the US dollar. Dalio described:
You have El Salvador doing it and you have India and China getting rid of it. And you have the United States discussing how to regulate it and it could still be controlled.
Dalio explained that bitcoin has no intrinsic value, which means it lacks fundamental and objective value. He said: “There are so many things in a historical perspective that did not have intrinsic value and that had perceived value. And then it got hot and it got cold. It could be anyway. You just have to know what it is. It could be tulips in Holland.
Nonetheless, the billionaire investor owns a small amount of bitcoin, seeing it as a good alternative to cash. The Chief of Bridgewater said:
I think it is worth considering all the alternatives to cash and all the alternatives to other financial assets. Bitcoin is one possibility. I have some amount of money in bitcoin… It’s an amazing accomplishment to have brought it from where this programming happened to where it is through the test of time.
What do you think of Ray Dalio’s concerns about regulators killing bitcoin? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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