Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, believes that if BTC is truly successful, regulators will destroy it, underscoring his previous fears that governments will take action against cryptocurrencies. However, BTC considers it a good alternative to cash and some also its own.
Manager of the largest hedge fund Ray Dalio warns against the intervention of regulators
Ray Dalio spoke at the SALT conference in New York on Wednesday about Bitcoin and cryptocurrencies and concerns about regulators if successful
Dalio currently serves as Chairman of the Board and Chief Investment Officer of Bridgewater Associates. His company’s clients include foundations, governments, pension funds and government investment funds. Head of Bridgewater, referring to BTC, said:
“I think if BTC will be really successful, they will try to destroy it. I think they will destroy it because they have ways to do it. ”
It wasn’t the first time Dalio had warned the regulators. Although he did not specify how they could destroy the cryptocurrency, he said in May that they could impose hard regulation on the crypto market. He also said several times that governments could ban or outlaw BTC.
Regulators around the world are stepping up efforts to control cryptocurrencies, including the United States, where Gary Gensler, chairman of the Securities and Exchange Commission (SEC), is calling for more funding to increase cryptocurrency surveillance.
Salvador recognized BTC as legal tender alongside the US dollar. However, this historic moment is not enough in his eyes. Other countries with much higher GDP and populations actively seeking to control cryptocurrencies include India, which is working on a cryptocurrency law; China, which has cracked down on crypto activities; and South Korea, where the new law will enter into force on September 24.
Dalio stated that BTC has no intrinsic value, which means that it lacks fundamental and objective value. But he also added: “There are so many things in history that have no intrinsic value and perceived value. And then it got hot. It can be anything.” However, the billionaire investor owns a small amount of BTC and considers it a good alternative to cash. Chief Bridgewater said:
“I think it is worth considering all alternatives to cash and alternatives to other financial assets. BTC is an option. I have a certain amount of money in BTC… It’s an amazing achievement to get where it is. ”