Bridgewater Associates Chairman Ray Dalio attends the China Development Forum in Beijing, China March 23, 2019.
Thomas Peter | Reuters
Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, believes regulators would ultimately take control of bitcoin if the cryptocurrency gains mainstream success.
“I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it,” Dalio told Andrew Ross Sorkin Wednesday on CNBC’s “Squawk Box” at the SALT conference in New York.
U.S. regulators have stepped up its oversight on the volatile cryptocurrency space as the wild rides in the markets continued to grab attention. Securities and Exchange Commission Chairman Gary Gensler said Tuesday that Wall Street’s top regulator is working overtime to create a set of rules to protect investors through better regulation of the thousands of new digital assets and coins.
Despite some heavy bouts of volatility, bitcoin has been quite successful as of late. The crypto has more than quadrupled the last 12 months and was last around $47,500. It hit a high above $60,000 earlier this year.
Still, the billionaire investors said bitcoin makes a good alternative to cash, and he owns a smaller percentage of the digital token compared to his gold exposure in the portfolio.
This is breaking news. Please check back for updates.
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