Governments will outlaw Bitcoin if their success seems too great, said billionaire and founder of Bridgewater Associates Ray Dalio.
In an interview with Yahoo! Finance, Dalio again said he doubted the prospects of Bitcoin and preferred gold.
„If Bitcoin becomes really important, the authorities will ban it. They will outlaw it and use all available tools to force it. They will say: „You can’t make transactions with bitcoin, you can’t have bitcoins. After that you will start thinking: „Is this a crime? Will I have to break the law?“.
Daglio recalled that in the past the authorities had already banned gold, the only flaw in which they saw the possibility of using it as a means of accumulation.
„Would I prefer bitcoin gold? No. Gold will be the instrument that central banks and governments will choose as an alternative to regular money,“ he added.
The billionaire sees other barriers to the first crypt currency, including its volatility.
„Today I can’t take Bitcoin and have no problem buying something for it. It is too volatile to be a means of accumulation. For the same reason, it cannot be used as a means of payment“.
Dalio expects that as digital currencies become more popular, tokenized versions of the fiat will displace conventional crypto assets.
„There are currencies like bitcoin, there are alternative currencies in terms of demand-supply and means of saving. And there are digital currencies, digital versions of the dollar, euro and Chinese yuan. I think we will see more of the second,“ he added.
Earlier this year Ray Dalio recommended getting rid of fiat money when creating a diversified portfolio, but he did not find room for bitcoin in it, calling the crypt currency a speculative asset.
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Translated with www.DeepL.com/Translator (free version)