Ray Dalio, a US-based hedge fund manager, said that Bitcoin is like digital cash in nature. He compared Bitcoin with other alternative assets and mentioned that the world’s largest cryptocurrency had proven itself over the last decade. In an interview with Andy Serwer, the editor-in-chief of Yahoo Finance, Dalio said that despite the positive aspects of Bitcoin, the leading cryptocurrency could face a ban in the US.
“The US government could outlaw Bitcoin.”
Ray Dalio also highlighted the probability of a US ban on Bitcoin, just like a ban on gold ownership in the 1930s. “Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing because things can get out of control. So, I think that it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed,” the founder of Bridgewater associates said during the interview. Earlier, the hedge fund manager termed Bitcoin as a good tool for portfolio diversification and compared it to gold.
“Bitcoin has proven itself over the last 10 years.”
Ray Dalio pointed out the recent events in India regarding a potential ban on Bitcoin and other cryptocurrency assets. He added that a government ban would cause a sharp drop in demand for the world’s largest cryptocurrency. The hedge fund manager remained uncertain about the privacy of Bitcoin and other digital assets. “My understanding from people who are sort of in government surveillance is yes, they can understand, they can track it. They can know who’s dealing with it,” he added. While talking about the positive aspects of Bitcoin, Dalio said that Bitcoin has proven itself over the last 10 years.