American billionaire hedge fund manager and philanthropist Ray Dalio said the government may outlaw Bitcoin if the token continues to surge.
Although the billionaire did not state the price point that may force the government to restrict cryptocurrencies, Dalio believes cryptos may not succeed like the world expects.
Dalio also said in an interview with Yahoo finance that he would not prefer Bitcoin to Gold. He also stated that digital assets are too volatile to be adopted as a store of wealth.
Over time, Dalio’s opinion of Bitcoin has triggered comments from some government executives. The incumbent president of the US, Donald Trump, once said that he is not a fan of Bitcoin or altcoins. In a tweet posted in July 2019, Trump referred to digital assets as “highly volatile and based on thin air.”
In a tweet, founder and CEO of Grayscale Barry Silbert reacted to Dalio’s recent statement on Bitcoin:
“YTD returns: Bridgewater Pure Alpha II Fund: -18%. Bitcoin: +115%.”
Cointelegraph noted that Bridgewater controls $148 billion in assets under management as of September 2020. The report further added that Bitcoin is prone to more risk, especially as less than 3% of its total market value is gold.
Currently, BTC is up 2.55% to $16,002.78.