Billionaire Ray Dalio Insists Governments Could Outlaw Bitcoin – Regulation Bitcoin News

Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has reiterated his warning that governments could outlaw bitcoin. “In history, they’ve outlawed gold and they’ve outlawed silver and so on, and they could outlaw bitcoin,” he stressed.

Ray Dalio continues to warn about governments outlawing cryptocurrency

Bridgewater Associates founder Ray Dalio talked about bitcoin as he reiterated his warning that governments could outlaw the cryptocurrency on the Investor’s Podcast Network, published Saturday. Dalio currently serves as Bridgewater Associates’ chairman and co-chief investment officer. His firm’s clients include 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 history, they’ve outlawed gold and they’ve outlawed silver and so on, and they could outlaw bitcoin.

Dalio did admit that he does have a little bitcoin portfolio to diversify his investments. “I’m Mr. diversification,” he said. Bridgewater Associates boss revealed recently that he has some ether (ETH) as well.

Commenting on the recommendation by another famous fund manager, Bill Miller, who said that investors should hold about 1% to 2% of their portfolio in bitcoin, Dalio said, “I think that’s right.”

Dalio expressed concern that some governments might ban Bitcoin.

It’s very impressive that this concept was programmed something like 10, 11 years ago and has stood the test of time.

According to the billionaire, he doesn’t believe bitcoin can replace gold like some have claimed. He does not think that bitcoin could be worth $1 million.

Microstrategy CEO Michael Saylor however has said repeatedly that bitcoin would replace gold. Pro-bitcoin CEO Michael Saylor also predicts that the BTC price will reach $6 million. Fund managers increasingly prefer bitcoin to gold because it is a more reliable store of value.

Bridgewater Associates’ founder warned against governments banging bitcoin for some time. In September last year, he said that regulators will kill bitcoin if it becomes “really successful.” In addition, he said in May last year that the success of cryptocurrencies could bring tough regulations. For example, he noted regulators could impose “shocking” taxes on digital currency.

Ray Dalio, do you agree? Comment below to let us know your thoughts.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

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