Ray Dalio says if Bitcoin is really successful, regulators will ‘kill’ it

Ray Dalio says if Bitcoin is really successful, regulators will 'kill' it

Bridgewater Associates Chairman Ray Dalio attends the China Development Forum on March 23, 2019 in Beijing, China.

Thomas Pierre | Reuters

Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, believes regulators will eventually take control of bitcoin if the cryptocurrency achieves mainstream success.

“I think in the end, if it’s really successful, they’ll kill him and they’ll try to kill him.” And I think they’re going to kill him because they have ways to kill him, ”Dalio told Andrew Ross Sorkin on CNBC Wednesday. “Squawk Box” at the SALT conference in New York.

U.S. regulators have increased their vigilance in the volatile cryptocurrency space as the mad rush in the markets continues to garner attention. Securities and Exchange Commission Chairman Gary Gensler said on Tuesday that leading Wall Street regulators were working overtime to create a set of rules to protect investors through better regulation of thousands of new digital assets and coins .

“You have El Salvador and you have India and China getting rid of it. And you are discussing with the United States how to regulate it and it can still be controlled, ”said Dalio.

Despite huge ups and downs, bitcoin has had a lot of success lately. The crypto has more than quadrupled in the past 12 months and stood at around $ 47,500. Earlier this year he had crossed $ 60,000.

Nonetheless, the billionaire investor said bitcoin is a good alternative to cash and has a low percentage of the digital token in his portfolio compared to gold exposure.

“I think it is worth considering all the alternatives to cash and all the alternatives to other financial assets. Bitcoin is one possibility. I have a certain amount of bitcoin, ”said Dalio. “It’s an incredible achievement to have brought this from programming where it has stood the test of time.”

This is last minute news. Please check for updates.

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