According to Billionaire Ray Dalio, who is the founder of the world’s largest hedge fund, Bridgewater Associates, governments could outlaw bitcoin. Earlier, they’ve outlawed gold and they’ve outlawed silver, and soon, and they could outlaw bitcoin, he said.
He warned all the crypto investors around the world about the risk of investing in bitcoin. According to investor Ray Dalio, investing in bitcoin isn’t a good idea because the government will eventually make it illegal. After all, it is an unregulated digital asset nature.
Billionaire Ray Dalio also mentioned that, if it somehow really becomes successful, they will kill it anyway because every government wants ownership of their currency.
He elaborated further on this, Bitcoin is good as a theoretical investment, but in practice, its use is a bit rigid. Unlike your normal currency, you cannot go into the market and buy things easily with bitcoin.
According to Ray Dalio, bitcoin lacks fundamental and objective value. He also thinks it can’t be used as an alternative to cash either. Though, he also thinks bitcoin will not be able to replace gold because he doesn’t think bitcoin will reach the price of $1 million.
In comparison to Dalio, Microstrategy CEO Michael Saylor said that bitcoin will replace gold. The pro-bitcoin executive also thinks the price of bitcoin will reach $6 million.
Ray Dalio has criticized bitcoin before, and this isn’t the first time. Dalio said cryptocurrency is too volatile and everyone should opt for gold in their portfolio.