Ray Dalio, the billionaire founder of the world’s largest hedge fund, Bridgewater Associates, has warned crypto investors around the world that a global boycott of Bitcoin is a possibility. On the Investor’s Podcast Network, Dalio said governments around the world could collectively ban Bitcoin, which is an unregulated and decentralized digital asset that currently trades for $46,939 (about Rs. 34.92 lakh) on international exchanges. The main reason Dalio backed his view was the looming alternative currency that Bitcoin could become on its own, which could challenge central bank authorities around the world.
“In history they have banned gold and silver and so on, and they could ban Bitcoin. Every government wants a monopoly in their own currency,” a report from Bitcoin.com quoted Dalio as saying.
Despite admitting to owning Bitcoin and Ether as part of his diversified portfolio, the billionaire has consistently remained skeptical of the growth of the crypto space.
In May 2021, he said the success of cryptocurrencies will lead to a plethora of strict regulations in the financial sector. Later in September, Dalio had said regulators would kill off cryptocurrencies if Bitcoin were to become a major success.
Dalio’s view of crypto is completely opposite to that of his contemporary, Michael Saylor, who is the CEO of US-based business intelligence firm MicroStrategy.
Saylor, who has often compared Bitcoin to gold, recently predicted that in the coming years, the value per token of the world’s oldest cryptocurrency, Bitcoin, could reach $6 million (about Rs. 45 crore).
The 56-year-old businessman reportedly owns at least 17,732 Bitcoin tokens, which currently amounts to about $860 million (approximately Rs. 6,468 crore).
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in the article is not intended as financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by DailyExpertNews. DailyExpertNews is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.