Ray Dalio Says if Successful, Bitcoin Will Be Killed by Authorities
- Dalio claims bitcoin lacks intrinsic value.
- He thinks authorities will eventually regulate bitcoin.
Billionaire Ray Dalio, the founder of the world’s biggest hedge fund, Bridgewater Associates, warned Wednesday that as Bitcoin gains popularity, the US government will “kill it,” according to CNBC.
Bitcoin’s value has tripled in a year, reaching a peak of $60,000. Despite saying Bitcoin has no inherent value, Dalio holds Bitcoin as part of a diverse portfolio.
Speaking at the SALT conference in New York, Dalio told audiences:
“I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it. But that doesn’t mean it doesn’t have a place — a value and so on.”
Dalio highlighted the use of Bitcoin in El Salvador, which declared it legal money on September 7. Even if bitcoin is a viable alternative to cash and other financial assets, he claims China and India are going in the other way.
Bitcoin Lacks Intrinsic Value
He thinks authorities will eventually regulate bitcoin if it becomes popular. The wild rides in the speculative markets drew the attention of US authorities.
Chairman Gary Gensler of the Securities and Exchange Commission said Tuesday that the SEC is working hard. In order to regulate the hundreds of new digital assets and cryptocurrencies properly. Despite recent volatility, bitcoin has been very profitable. On Wednesday, it was approximately $47,500, having tripled in the previous year. It topped $60,000 earlier this year.
Dalio claims bitcoin lacks intrinsic value or fundamental and objective worth. Still, the billionaire investor says bitcoin is a viable currency alternative, although he holds less of it than he does gold.
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