Despite saying that the government will interfere and even outlaw cryptocurrencies, the Bridgewater Associates boss, Ray Dalio revealed that he owns bitcoin. However, he emphasizes “bitcoin’s greatest risk is its success.”
The World’s largest hedge fund Founder, Bridgewater Associates, Ray Dalio in a recent Consensus 2021 conference, which was recorded on May 6 but released Monday, said: he owns Bitcoin.
In his speech, Dalio emphasized that bitcoin is still small and not a threat to governments. He noted; “one of the great things, I think, as a worry is a government having the capacity to control … bitcoin, or digital currencies. They know where they are, and they know what’s going on.”
“The more we create savings in [bitcoin], the more you might say, ‘I’d rather have bitcoin than the bond’ … And then the more that happens, then it goes into bitcoin and it doesn’t go into credit, then [governments] lose control of that.” He explicitly said he would rather have bitcoin than bonds.
As for the greatest risk he sees bitcoin facing, the Bridgewater Associates boss said:
bitcoin’s greatest risk…
At first, Dalio wasn’t sure of Bitcoin and cryptocurrencies. In November last year, he admitted that he may be wrong about bitcoin and wanted to learn more about the cryptocurrency. Within a month, precisely December, he had learned enough to say that he saw BTC as a gold alternative. In January, he said bitcoin was “one hell of an invention.”
In all his findings, he warned that the government could restrict bitcoin investments, such as by imposing “shocking” taxes. He believes that there is a “good probability” that governments will outlaw bitcoin and that bitcoin’s success would bring about tough regulation. In his claim, bitcoin’s greatest risk is its success.