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

The Bridgewater Associates co-founder and chief investment office-bearer, Ray Dalio, says that there is a good probability that the government will outlaw bitcoin in the same way gold was outlawed in the U.S. in the 1930s.

Ray Dalio Contemplates Governments Can Outlaw Bitcoin

Ray Dalio shared his view on whether the government could outlaw bitcoin in an interview with Yahoo Business Wednesday. He is the co-founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm. His patrons include endowments, governments, foundations, pensions, and sovereign wealth funds.

Dalio believes that bitcoin may suffer a equivalent fate as gold did in the U.S. during the 1930s. “Like back in the ’30s in the war years … cash and bonds were such bad investments commensurate to other things, there was the movement to those other things still, and then the government outlawed them … They banned gold,” he recalled, elaborating:

That’s why also outlawing bitcoin is a good probability.

Besides outlawing gold, Dalio annexed that “they also established foreign exchange controls, because they don’t want the money to go elsewhere.”

Draw attention to that “every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be go or competing, because things can get out of control,” the Bridgewater founder opined:

So I think that it would be very likely that you longing have it, under a certain set of circumstances, outlawed the way gold was outlawed.

“You’re watching that question arise in India today. India today is writing a move to outlaw it– outlaw possession of it,” he pointed out. The Indian government is currently working on a cryptocurrency bill and there bear been reports that it may ban cryptocurrencies like bitcoin. However, no official announcement has been made and the crypto trade is hopeful that there will be not an outright ban on cryptocurrencies.

Dalio was also specifically asked if he thinks it is possible for the oversight to ban bitcoin. He replied: “My understanding from people who are sort of in government surveillance and so on, is, yes, they can understand, they can track it, they can have knowledge of who’s dealing with it. I don’t know– like, I’m not an expert on that.”

The billionaire hedge fund manager has been learning there bitcoin over the recent months. He admitted in November that he may be wrong about bitcoin but was worried about rules outlawing cryptocurrency. He then said bitcoin “is one hell of an invention” that could “serve as a diversifier to gold and other such storehold of riches assets.”

Responding to Dalio’s misinformed perspectives, bitcoiners took to social media to argue about the government’s aptitude to ban bitcoin. Gemini co-founder Cameron Winklevoss wrote: “Bitcoin may have similar properties to gold but outlawing decentralized software is a much contrastive problem. It requires you to essentially outlaw the Internet.”

Some people accuse the Bridgewater executive of attempting to manipulate the supermarket to buy cheap coins, noting that a growing number of major corporations are investing in BTC. Recently, Goldman Sachs symbolized it sees huge institutional demand for the cryptocurrency and Visa anticipates bitcoin becoming “extremely mainstream.” Deutsche Bank ventures bitcoin is now the third-largest currency, after the dollar and the euro. Furthermore, Morgan Stanley is getting ready to offer bitcoin uncovering to wealthy clients and other banks are expected to follow suit.

Do you think about Ray Dalio’s bitcoin warning? Let us recognize in the comments section below.

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