Billionaire hedge fund manager Ray Dalio warns all Bitcoin holders.
In an interview with Yahoo Finance, the former Bridgewater Associates investment officer reminded viewers that the US government was in the 1930s Passed the Gold Reserve Act to prevent gold from competing with credit and the dollar as an asset.
The same could happen to Bitcoin, claims Dalio, as the flagship cryptocurrency is soaring despite a global financial crisis, and investors are looking for alternatives to bonds and currencies.
Dalio notes that Bitcoin has proven to be a solid alternative asset. However, its success could put it in the government’s crosshairs.
“Bitcoin has proven itself over the past ten years. It proved it wasn’t hacked. It is by and large therefore worked on an operational basis. it has built a significant following, it is an alternate store of wealth …
Every country values its monopoly on controlling supply and demand. You don’t want other funds to operate or compete because things can get out of hand. So I think that it is very likely that under certain circumstances you banned it like gold was banned. “
Dalio points out that other countries are already considering banning Bitcoin. India, for example, plans to propose a new law that will criminalize the possession, mining, trading and issuing of Bitcoin and other cryptocurrencies.
Regarding how convenient it will be for the government to enforce such a ban, the veteran investor adds that he understands that the government has the ability to regulate the use of the crypto asset.
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