The regulators will “kill” Bitcoin if it gets really successful, says the founder of the world’s largest hedge fund

Dalio said bitcoin has the ability to be an alternative to cash.

Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, believed that regulators and governments would try to make it ineffective if Bitcoin continued to thrive and gain more mainstream acceptance. “I think if it really works, at the end of the day they will kill it and try to kill it. And I think they’re going to kill it because they have ways to kill it, ”Dalio told CNBC on Wednesday about whether regulation is going to ‘kill’ it.

Dalio’s comments come in the background that countries like India, China and the US themselves are increasingly focusing on cryptocurrencies. For example, U.S. Securities and Exchange Commission chairman Gary Gensler said Tuesday, as reported by CNBC, that Wall Street’s top regulator is working overtime to create a set of rules to oversee volatile cryptocurrency markets while serving the interests of American innovators to weigh up. India is also enacting a law regulating cryptocurrencies. Finance Minister Nirmala Sitharaman said last month that cabinet approval of the cryptocurrency law is expected. China has also reportedly stepped up its fight against crypto use and mining in the country.

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“You have El Salvador taking it over and India and China getting rid of it. And the United States is talking about how to regulate it and it could still be controlled, ”added Dalio. However, he found that Bitcoin has no intrinsic value. “There are so many things from a historical perspective that had no intrinsic value and had a perceived value. And then it got hot and it got cold. It could be either way. You just have to know what it is. It could be tulips in Holland. “

Dalio said bitcoin has the ability to be an alternative to cash “and all alternatives to some of the financial assets.” The important thing is that Dalio invests in Bitcoin – a small percentage of his money in gold. Also at the beginning of May this year, Dalio had said that the success of Bitcoin is the greatest risk. He had told the Wall Street Journal that “your greatest risk is success because, as a treasury of wealth, no government wants an alternate currency.”

The suggestions / recommendations on cryptocurrencies in this story come from their respective commentators. Financial Express Online takes no responsibility for their advice. Please consult your Financial advisor before trading / investing in cryptocurrencies.

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