Billionaire Ray Dalio sees potential ban on Bitcoin in the United States

The founder of Bridgewater Associates, Ray Dalio, told Yahoo Finance in an interview that there is a high probability of a ban on the first cryptocurrency in the United States.

The billionaire drew a parallel with the authorities’ decision to confiscation of gold from the population during the Great Depression. In 1933 the government sought to reduce the competition between the precious metal and cash as a store of value.

“Every country cherishes its monopoly on controlling demand and supply. They [the authorities] do not want other money to work or compete, because everything could get out of control,” Dalio added.

The billionaire reminded that the regulator of India is considering the possibility of banning cryptocurrencies. In his view, such a decision could lead to a fall in demand for digital assets.

“Bitcoin has performed well over the last decade. It has not been hacked, it has many followers. In a sense it’s an alternative store of wealth. It’s like digital cash. And that’s all pluses,” Dalio noted.

In 2017 the billionaire called the first cryptocurrency a bubble, though he acknowledged its viability “at a conceptual level”.

In January 2020 Dalio criticized Bitcoin for its high volatility and called it ineffective as a medium of exchange and store of wealth. Later the financier added that the digital asset cannot replace gold.

In December Dalio admitted that he might be missing something about Bitcoin, and asked readers on Twitter to help him understand what exactly. Soon the billionaire stated that cryptocurrencies could be an alternative to gold.

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In January 2021, Dalio said that izучает возможность приобретения биткоина. He called the asset “a damn good invention”.