Authorities Should Ban Bitcoin, According to Billionaire Ray Dalio

Billionaire Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, today reaffirmed its caution about authorities may criminalize cryptocurrency. “They’ve banned gold, silver, as well as other precious metals in the past, and that they might criminalize cryptocurrency,” he said.

Ray Dalio Keeps Warning Authorities Against Cryptocurrencies Bans
Just on Investment’s Podcast Network, broadcast Saturday, Bridgewater Associates founder Ray Dalio discussed bitcoin and restated his warning that governments may criminalize the technology. Dalio is the chairman and co-chief investment officer of Bridgewater Associates. Endowments, governments, foundations, pension plans, and financial institutions are among their company’s current clientele.

“These seem to be governmental difficulties” with cryptocurrencies, according to Dalio. “Each government faces a threat when you have an alternative currency,” he explained. “Each government wants a monopoly in their own money, especially if the currency is superior as it wouldn’t depreciate.” Dalio continued:

“They’ve prohibited gold, silver, and other precious metals in the past, or they might confiscate cryptocurrency now.”

Despite this, Dalio admits to having a modest amount of bitcoin in his portfolio for diversification purposes. He introduced himself as “Mr. Diversification.” In addition, the CEO of Bridgewater Consultants recently revealed that he owned considerable ethereum (ETH).
“I think that’s accurate,” Dalio said, referring to advice by another well-known fund manager, Bill Miller, that investors should keep approximately 1% to 2% of their portfolio in bitcoin.

Amid concerns that countries would outlaw cryptocurrencies, Dalio stated:

“It is indeed incredible that the this notion was developed 10, 11 years ago and has held up to the pressure of history.”

This entrepreneur recently stated that he does not believe bitcoin will ever replace gold, contrary to popular belief. He also doubts that the price of BTC will ever achieve a point as high as $1 million.
Dashboard CEO Michael Saylor, on the other hand, has consistently stated that cryptocurrencies would eventually overtake gold. The top player CEO reportedly predicts that BTC will hit $6 million in value. Furthermore, fund managers are increasingly choosing cryptocurrency over gold as a superior financial asset, since cryptocurrencies are seen as a superior measure of wealth.

For a long time, the founder of Bridgewater Associates has warned about countries outlawing bitcoin. He predicted in September of last year that if bitcoin becomes “truly successful,” authorities would kill it. Furthermore, he stated in May of last year that the rise of cryptocurrencies may result in stricter controls. He mentioned that authorities may levy “surprise” taxation on virtual cash, for example.

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