Ray Dalio, co-founder and chief investment officer of Bridgewater Associates, said that the government is likely to ban the use of gold in the same way that the United States banned the use of gold in the 1930s. Bitcoin.

Ray Dalio thinks the government can ban Bitcoin

In an interview with Yahoo Finance on Wednesday, Ray Dalio shared his views on whether the government can ban Bitcoin. He is the co-founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund company. His clients include endowment funds, governments, foundations, pension funds and sovereign wealth funds.

Dario believes that Bitcoin may suffer a fate similar to that of American gold in the 1930s. “Recall, it was like the 1930s of the war years… Compared to other things, cash and bonds were such bad investments, and other things were still moving, and then the government banned them… They banned gold,” he recalled. He elaborated. :

This is why the possibility of banning Bitcoin is very high.

In addition to banning gold, Dario added: “They have also established foreign exchange controls because they don’t want the money to go to other places.”

Emphasize that “every country controls the monopoly power on the relationship between supply and demand. They don’t want other funds to operate or compete, because things may get out of control.” Bridgewater founder said:

Therefore, I think that under certain circumstances, you may declare that gold is banned.

“You are paying attention to this problem that has arisen in India today. India today is taking action to ban it and declare it illegal to own it.” He pointed out. The Indian government is currently enacting a cryptocurrency bill, and there are reports that it may ban the use of cryptocurrencies such as Bitcoin. However, it has not yet been officially announced, and the cryptocurrency industry hopes that it will not be completely banned.

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Dalio was also specifically asked whether he thought it was possible for the government to ban Bitcoin. He replied: “My understanding is that they are under government surveillance and so on. Yes, they can understand, they can track, and they can know who is dealing with it. I don’t know, for example, I am not an expert.”

The billionaire hedge fund manager has been learning Bitcoin in recent months. He admitted in November that he might be wrong about Bitcoin, but worried that the government would make cryptocurrency illegal. He then said that Bitcoin “is an invention hell” that can “act as a diversifier of gold and other such wealth assets.”

In response to Dario’s misleading views, Bitcoin producers went to social media to argue about the government’s ability to ban Bitcoin. Gemini co-founder Cameron Winklevoss wrote: “Bitcoin may have similar characteristics to gold, but banning decentralized software is a very different issue. It requires you to fundamentally prohibit the use of the Internet.”

Some accuse Bridgewater executives of trying to manipulate the market to buy cheap coins, and point out that more and more large companies are investing in BTC. Goldman Sachs recently stated that it sees huge demand for cryptocurrencies from institutions, and Visa expects Bitcoin to become “extremely mainstream.” Deutsche Bank stated that Bitcoin is now the third largest currency after the US dollar and the euro. In addition, Morgan Stanley is preparing to provide bitcoin exposure to wealthy customers, and other banks are expected to follow suit.

Do you think Ray Dalio’s Bitcoin warning? Let us know in the comments section below.

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