Billionaire Ray Dalio told CNBC that Bitcoin would become a success, and global regulators and governments will try to kill its progress.
If the adoption of Bitcoin keeps spreading its tentacles and the first cryptocurrency succeeds, then regulators and governments will stop its progress at any cost. This statement comes from the billionaire investor Ray Dalio, which recently highlighted his thoughts to CNBC.
Speaking on CNBC’s Squawk Box show, the Bridgewater founder again admitted that he had allocated a certain amount of his portfolio in Bitcoin.
This highlight comes after the leader being a furious critic and had spending years fighting against cryptocurrency in the past. Dalio even resembles another billionaire, Kevin O’Leary.
Kevin also said, during a recent report he intends to double his investment in Bitcoin when two years ago he thought it was just financial trash.
However, despite acknowledging that he is an investor in BTC, the 72-year-old billionaire still said he doubts his future success due to regulators and governments.
On the other hand, Dalio also added the problem of the Bitcoin adoption as legal tender by El Salvador. The billionaire highlighted that this historical moment is not enough to confirm the status of the first cryptocurrency. This event won’t bring too many changes given that it is not a big country.
Countries Like China are Getting rid of Bitcoin
According to Dalio, it is curious how other countries, with much larger populations, size, and GDP, such as China and India, are getting rid of it.
Another fact to consider is that China has continuously banned the cryptocurrency industry with different measures. India, on the other hand, remains quite indecisive in its approach.
At the same time, the US is thinking of new ways to apply new and stricter regulations around Bitcoin and increase its control over the entire environment.
The president of the Securities and Exchange Commission spoke before the Senate about various projects to regulate shortly.
Consequently, Dalio believes that once these regulations come to effect, they will harm the entire crypto ecosystem.
Diversity in the Portfolio, a New Era for the Financial World
Dalio concluded that the most vital challenge investors must face is: How they would have sufficient diversification for their portfolios in times of economic instability.
Investors need to feel safe; these investors would look for protection in hard money. This protection might come from gold because it is a safe asset, or it may come from any other currency. This alternative asset might be Bitcoin, which could be more speculative.
Dalio is undoubtedly one of the best gold investors as well. In August, when asked to compare gold and Bitcoin, he clarified that he got an insignificant sum of bitcoins. He highlighted that users would want to diversify their portfolio, with certain assets, and Bitcoin will help because it is like digital gold.
By: Jenson Nuñez
