Ray Dalio, the founder of Bridgewater Associates, the largest hedge fund in the world, believes that regulators will eventually take control of bitcoin once it becomes mainstream.
“I believe that if the project is really successful, they will kill it. They will even try to kill it,” Dalio said. Dalio said Wednesday that he believes they will kill it because there are ways to do so.
As the market volatility continued to attract attention, U.S. regulators have increased their oversight of the volatile cryptocurrency sector. Gary Gensler, Chairman of Securities and Exchange Commission, stated Tuesday that Wall Street’s top regulator has been working overtime to develop a set of rules to protect investors from the thousands of digital assets.
It is being taken on by El Salvador, and India and China are trying to get rid of it. It could be controlled even if the United States is discussing how to regulate it,’ Dalio stated.
Bitcoin has been very successful despite some volatility. The cryptocurrency has increased more than fourfold in the past 12 months to reach a peak of $47,500. It reached a peak of $60,000 earlier in the year.
The billionaire investors still believe bitcoin is a viable alternative to cash and that he has a lower percentage of it than he does with his gold portfolio.
“I believe it’s worth considering all of the options to cash and all other financial assets. Bitcoin is an option. Dalio stated that he has some bitcoin money. It’s an incredible accomplishment to bring it from the place it was programmed to where it is today.