Ray Dalio: Regulators Will Kill Bitcoin If It’s Truly Successful
Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, says there is a danger that governments could destroy the crypto market or take complete control of it if it gets too successful.
Speaking at the SALT conference in New York, Dalio said he has some money invested in Bitcoin (CRYPTO: BTC), but it’s a small percentage of his investment in gold, which in turn is a small percentage of his other assets.
Governments don’t want cryptocurrency to succeed, but that doesn’t mean investors shouldn’t diversify, the pro investor said.
“At the end of the day, if it’s really successful, they’ll kill it,” Dalio added. “But that doesn’t mean it doesn’t have a place.”
Dalio On The Bitcoin Landscape: Bitcoin is a good alternative to cash, in Dalio’s view.
“It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time.”
“You have El Salvador taking it on, and you have India and China getting rid of it. And you have the United States talking about how to regulate it, and it could still be controlled,” he said.
El Salvador has become the first country to adopt bitcoin as legal tender, while China has banned crypto markets and shut down miners.
The Context: Dalio’s comments come after Securities and Exchange Commission Chairman Gary Gensler told the U.S. Senate Tuesday the SEC intends to carry out greater regulatory scrutiny of stablecoins and the majority of the tokens listed on cryptocurrency exchanges, which he said are in fact securities.
“There are so many things in a historical perspective that didn’t have intrinsic value and had perceived value,” Dalio said.
“And then it went hot, and it became cold. So it could be either way.”
Of late, Bitcoin has been quite successful. Earlier this year, it surpassed a valuation of $1 trillion and hit a high above $60,000. The cryptocurrency was trading around $47,500 Wednesday.
Read more: https://mcc.exchange/2021/09/15/ray-dalio-regulators-will-kill-bitcoin-if-its-truly-successful/
Text source: MCC.EXCHANGE
