Billionaire Hedge Fund Manager Ray Dalio Says Government Outlawing Bitcoin Is ‘a Good Probability’

Billionaire Hedge Fund Manager Ray Dalio Says Government Outlawing Bitcoin Is ‘a Good Probability’

Ray Dalio, co-founder and chief investment officer of Bridgewater Associates, considers it likely that the government will ban bitcoin in the same way that gold was banned in the United States in the 1930s.

Ray Dalio thinks governments can ban Bitcoin

Ray Dalio gave his thoughts on the possibility of the government banning bitcoin in an interview with Yahoo Finance on Wednesday. He is co-founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund company. His clients include endowments, governments, foundations, pensions and sovereign wealth funds.

Dalio thinks bitcoin could suffer the same fate as gold in the United States in the 1930s. As in the war of the 1930s…. Silver and bonds were such bad investments compared to other things, that there was a shift to those other things, then the government banned them….. They forbade gold, he recalls, noting:

Therefore, banning bitcoin is also a good option.

In addition to the ban on gold, Dalio added that they have also put a check on the currency because they don’t want the money to go anywhere else.

Emphasizes that each country has a monopoly on controlling supply and demand. You don’t want other funds to cooperate or compete, because then it can get out of hand, says the Bridgewater founder:

So I think in some circumstances you could probably achieve that by banning it, like you do with gold.

They are watching this question being asked in India today. Today, India is taking a step towards banning possession, he said. The Indian government is currently working on a crypto currency law and there are reports that it could ban cryptocurrencies like bitcoin. However, no official announcement has been made and the cryptocurrency industry is hopeful that there will not be a complete ban on cryptocurrencies.

Dalio was also asked if he thinks the government could ban bitcoin. He replied: From what I understand from the people involved in government oversight and so forth, yes, they can find out, they can track it, they can find out who is doing it. I don’t know, I’m… I’m not an expert on the subject.

A billionaire hedge fund manager has been looking into bitcoin for the past few months. In November, he admitted he could be wrong about bitcoin, but expressed concern about governments banning the cryptocurrency. He went on to say that bitcoin is a damn good invention that can serve as a diversifier for gold and other similar assets.

In response to Dalio’s ill-informed opinion, bitcoiners took to social media to discuss the government’s ability to ban bitcoin. Cameron Winklevoss, co-founder of the twins, wrote: Bitcoin may have the same properties as gold, but banning decentralized software is another matter. To do this, we basically have to ban the Internet.

Some accuse the Bridgewater manager of trying to manipulate the market to buy cheap coins, noting that more and more large companies are investing in BTC. Goldman Sachs recently said it sees strong institutional demand for cryptocurrencies, and Visa expects bitcoin to become wildly popular. According to Deutsche Bank, bitcoin is now the third largest currency after the dollar and the euro. Moreover, Morgan Stanley is preparing to offer bitcoin to its high-net-worth clients, and other banks are expected to follow suit.

Remember Ray Dalio’s warning? Let us know your comments in the section below.

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