Ray Dalio: Regulators will ‘kill’ Bitcoin if it succeeds

If the first cryptocurrency achieves mass adoption, regulators will eventually take control of it. This view was expressed by Bridgewater Associates founder Ray Dalio in an interview with CNBC.

Ray Dalio says if bitcoin is really successful, regulators will ‘kill it’ https://t.co/WTsPXPBFqT — from @YunLi626

— Tanaya Macheel (@tanayamac) September 15, 2021

“I believe that, ultimately, if Bitcoin really succeeds, they will kill it or try to. And I think they will do so, because there are opportunities,” the billionaire said.

Dalio pointed to examples of India and China, which have taken a negative stance toward Bitcoin. Unlike small El Salvador, which has legalized the cryptocurrency, authorities in these countries distance themselves from it, he noted.

On 7 September 2021, in El Salvador вступил в силу закон о признании биткоина official means of payment alongside the US dollar. In India in recent years authorities обсуждают various options to ban cryptocurrencies. The Chinese state organs and institutions have taken a number of жестких мер in relation to crypto trading and effectively запретили mining in the country.

Dalio does not see a problem with Bitcoin lacking intrinsic value. Such assets do not necessarily end up in bubbles, he says.

According to him, cryptocurrency is a good alternative to monetary assets, but its share relative to gold in his portfolio is small.

“I think it's worth considering all alternatives to money and other financial assets. Bitcoin is an opportunity. I have a certain amount in it. This is an amazing achievement — moving Bitcoin from the programming environment where it appeared to one that will stand the test of time,” Dalio concluded.

The billionaire has repeatedly spoken about the possibility of Bitcoin being banned by U.S. authorities; in March 2021 he assessed the probability of this as ‘high’.

Over 2020, Dalio's views on cryptocurrency evolved from saying that Bitcoin could never function as money to recognizing the digital asset ‘interesting’ as an alternative to gold.

Earlier, Cardano founder Charles Hoskinson firmly rejected the possibility of Bitcoin being banned by U.S. authorities.

The same view is shared by Gemini co-founder Tyler Winklevoss, as digital gold has reached too high a level of acceptance.

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