Ray Dalio says Bitcoin’s success poses its “biggest risk”
Founder of Bridgewater Associates, Ray Dalio has warned about the success of cryptocurrencies at the Wall Street Journal “Future of Everything Festival” this week. He said that its success poses its biggest risk and that regulators could possibly come down tough on the crypto industry.
Dalio, the founder of the world’s largest hedge fund, said:
“Its own biggest risk is its success, because as a storehold of wealth no government wants to have an alternative currency.”
The Bridgewater chief has been warning for a while now of regulators coming after bitcoin and other cryptocurrencies if they feel their monetary sovereignty is threatened.
While Dalio’s warning comes amid regulators around the world warning about crypto, he still believes the future is “exciting,” yet “unknown”:
“Crypto as a digital clearing mechanism and so on, very exciting, very bullish. Crypto as a storehold of wealth, very interesting. Probably will be important for us.”
A few months ago in March, Dalio already suggested the possibility of governments banning bitcoin or imposing shocking taxes to Bitcoin holdings. Despite the risks associated, the investor still considers Bitcoin a great alternative to gold to hold as part of your portfolio.
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