Billionaire Ray Dalio Says Governments Could Outlaw BTC

Billionaire Ray Dalio Says governments could outlaw Bitcoin only because of their history of outlawing gold and silver so let’s read more in our bitcoin latest news today.

The Bridgewater Associates founder Ray Dalio talked about Bitcoin and even reiterated his warning that governments could outlaw BTC and crypto. The Billionaire Ray Dalio says governments have the power to do so as they once did with gold and silver. His company’s clients however include governments, foundations, endowments, and sovereign wealth funds.

Dalio warned that there are regulatory issues around Bitcoin:

 “When you have an alternative currency, that’s a threat to every government. Every government wants a monopoly in their own currency and particularly if you get a better currency because it doesn’t get devalued.”

In history, they’ve outlawed gold and silver so they could outlaw Bitcoin as well. Dalio admitted that he has a small amount of BTC in his portfolio for diversification. The Bridgewater Associates boss also revealed that he owns ETH. Commenting on the recommendation by another famous fund manager Bill Miller, investors should hold about 1% to 2% of their portfolio in BTC. Dalio opined:

“It’s very impressive that this concept was programmed something like 10, 11 years ago and has stood the test of time.”

The billionaire also said that he doesn’t believe that BTC will replace gold as some people suggested. He also thinks that the price of bitcoin won’t reach a high number such as $1 million. Microstrategy CEO Michael Saylor said that Bitcoin will replace gold and the pro-bitcoin executive expects the price of BTC to hit $6 million. The fund managers are increasingly choosing to invest in BTC over gold as they see the cryptocurrency as a better store of value. The Bridgewater Associates founder warned about governments banning BTC for quite some time. Back in September, he said that regulators will kill BTC if it becomes successful and in addition, he said that the success of crypto could bring even more regulations. For example, he noted that regulators could impose some shocking taxes on digital currency.

As recently reported, In an interview with CNBC, the Bridgewater Associates founder shared his opinion of the issuance of the digital dollar and a central bank digital currency and said that it will certainly have its uses and be viable but according to him, it will not be the most competitive one. Ray Dalio believes that China’s digital yuan will outpace the dollar as it will be more competitive in terms of value and use.