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Bitcoin Foundation President Brock Pierce discusses the global growth of the crypto market.
Ray Dalio, the billionaire founder of Bridgewater Associates, poured cold water on Bitcoin on Wednesday and said if the cryptocurrency got too big, regulators would “kill” it.
“I think at the end of the day, if it really succeeds, they’ll kill him and they try to kill him,” he told CNBC. “And I think they’re going to kill him because they have ways to kill him.”
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The report pointed out that the currency had quadrupled in value over the past 12 months and was hovering around $ 47,500 on Wednesday. In June, El Salvador became the first country to identify Bitcoin as legal tender.
Ray Dalio, billionaire and founder of Bridgewater Associates LP, speaks at the Milken Institute Global Conference in Beverly Hills, California, United States, Wednesday, May 1, 2019. Photographer: Patrick T. Fallon / Bloomberg via Getty Images
BILLIONAIRE RAY DALIO TALKS OF “TRAVEL AND REFLECTIONS” AFTER THE SUDDEN DEATH OF HIS SON
Dalio is not the first hedge fund boss to challenge cryptocurrencies.
John Paulson, the hedge fund billionaire who made his fortune in 2008 when he bypassed the real estate bubble, said last month that he believed cryptocurrencies would eventually go bankrupt.
Verdence Capital Advisors CEO Leo Kelly says this is a “stretch” for Bitcoin to replace currency.
The 65-year-old told Bloomberg Wealth with David Rubenstein that he would not recommend the investment to anyone. He said there was a cryptocurrency bubble that “will eventually prove to be worthless.”
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“I would describe them as a limited supply of nothing,” he said. “So to the extent that there is more demand than the limited supply, the price will go up. But as the demand goes down, the price goes down. There is no intrinsic value in any of the cryptocurrencies. except that there is a limited amount. “
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