According to Ray Dalio, if the principal Bitcoin’s famous acceptance continues and the asset gains popularity, regulators and governments will extinguish its growth.
On September 15th, the founder of Bridgewater disclosed with CNBC that he had committed a portion of his portfolio to Bitcoin.
This is even though cryptocurrency has been heavily criticized in the past.
Despite purchasing BTC, the 72-year-old millionaire is skeptical about its future viability because of regulators and the government.
When discussing Bitcoin's potential, he stated, "I think at the end of the day if it's truly successful, they will kill it, and they will attempt to extinguish it."
He went on to say that such authority will eventually win because they "have methods of killing it."
Dalio also mentioned El Salvador's use of Bitcoin as a legal currency. This historic event, however, is insufficient to validate BTC's status.
The contrary is true, since other countries with a far larger population, size, and GDP, such as China and India, are “trying to get rid of it.”
As previously noted, China has consistently stated its prohibition on the Bitcoin sector, but India has been quite reluctant in its approaches.
At the same time, the US is debating how to adopt Bitcoin rules and strengthen its authority over the entire area. As a result, Dalio feels that restrictions will only hurt the landscape.
He concluded that the most important question investors must ask themselves in times of economic instability is whether they have adequate diversity in their portfolios.
They must seek shelter in hard money whether that is historically proven gold or any other asset, such as Bitcoin that may be more speculative.