Bridgewater Associates founder Ray Dalio has revealed that he owns bitcoin despite concerns he has long voiced about governments interfering and even outlawing cryptocurrencies. The boss of the worldâ€™s largest hedge fund said â€œbitcoinâ€™s greatest risk is its success.â€
Ray Dalio Got Bitcoin
Ray Dalio, the founder of the worldâ€™s largest hedge fund, Bridgewater Associates, has revealed that he owns bitcoin. In an interview at the Consensus 2021 conference, which was recorded on May 6 but released Monday, he said:
Dalio is the co-founder and chief investment officer of Bridgewater Associates, whose clients include endowments, governments, foundations, pensions, and sovereign wealth funds.
Emphasizing that bitcoin is still small and not a threat to governments, he noted that if it succeeds, â€œone of the great things, I think, as a worry is the government having the capacity to control â€¦ bitcoin, or digital currencies. They know where they are, and they know whatâ€™s going on.â€
He continued: â€œThe more we create savings in [bitcoin], the more you might say, â€˜Iâ€™d rather have bitcoin than the bondâ€™ â€¦ And then the more that happens, then it goes into bitcoin and it doesnâ€™t go into credit, then [governments] lose control of that.â€ Dalio also said, â€œPersonally, Iâ€™d rather have bitcoin than a bond.â€
As for the greatest risk he sees bitcoin facing, the Bridgewater Associates boss said:
Dalio has come a long way on bitcoin and cryptocurrency. In November last year, he admitted that he may be wrong about bitcoin and wanted to learn more about the cryptocurrency. By December, he had learned enough to say that he saw BTC as a gold alternative. In January, he said bitcoin was â€œone hell of an invention.â€
However, throughout it all, he warned that the government could restrict bitcoin investments, such as by imposing â€œshockingâ€ taxes. He believes that there is a â€œgood probabilityâ€ that governments will outlaw bitcoin and that bitcoinâ€™s success would bring about tough regulation.
What do you think about Ray Dalio buying bitcoin while warning about a government ban? Let us know in the comments section below.
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