Billionaire hedge fund manager Ray Dalio says government ban on Bitcoin is ‘a good chance’ – Bitcoin News Settlement

Bridgewater Associates co-founder and chief investment officer Ray Dalio says there’s a good chance the government will ban bitcoin in the same way gold was banned in the United States in the 1930s.

Ray Dalio thinks governments can ban Bitcoin

Ray Dalio shared his take on whether the government could ban bitcoin in an interview with Yahoo Finance on Wednesday. He is the co-founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund company. Its clients include endowments, governments, foundations, pensions and sovereign wealth funds.

Dalio believes bitcoin could suffer a similar fate to gold in the United States in the 1930s. “Like in the 1930s, during the war years … cash and bonds were such a bad investment. compared to other things, there was still a movement towards these other things, then the government banned them … They banned gold, “he recalled, adding:

This is why banning bitcoin is also a good probability.

Besides the gold ban, Dalio added that “they have also established currency exchange controls because they don’t want the money to go elsewhere.”

Stressing that “each country cherishes its monopoly on the control of supply and demand. They don’t want other funds to work or compete because things can get out of hand, ”said the founder of Bridgewater:

So I think it would be very likely that you would, in a number of circumstances, banned the way gold was banned.

“You are watching this question arise in India today. India is now taking steps to ban it – ban its possession, ”he said. The Indian government is currently working on a cryptocurrency bill and it has been reported that it may ban cryptocurrencies like bitcoin. However, no official announcement has been made and the crypto industry is hopeful that there will not be an outright ban on cryptocurrencies.

Dalio was also specifically asked if he thinks it is possible for the government to ban bitcoin. He replied, “From the people who are sort of part of government oversight and so forth, they can understand, follow, know who is doing it. I don’t know – like, I’m not an expert on this. “

The billionaire hedge fund manager has learned of the existence of bitcoin in recent months. He admitted in November that he might be wrong about bitcoin, but worried that governments would ban cryptocurrency. He went on to say that bitcoin “is one hell of an invention” that could “serve as a diversifier for gold and other such wealth assets.”

In response to Dalio’s ill-informed outlook, bitcoiners took to social media to discuss the government’s ability to ban bitcoin. Gemini co-founder Cameron Winklevoss wrote: “Bitcoin may have properties similar to gold, but banning decentralized software is a much different issue. This essentially requires you to ban the internet. “

Some people accuse the Bridgewater executive of trying to manipulate the market to buy cheap coins, noting that a growing number of large companies are investing in BTC. Recently Goldman Sachs said it sees huge institutional demand for cryptocurrency and Visa predicted bitcoin will become “extremely mainstream.” Deutsche Bank claims that bitcoin is now the third largest currency, after the dollar and the euro. Additionally, Morgan Stanley is gearing up to provide bitcoin exposure to high net worth clients and more banks are expected to follow suit.

Do you think of Ray Dalio’s Bitcoin warning? Let us know in the comments section below.

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