Dalio says if Bitcoin gets too big regulators will kill it
The report pointed out that the currency has quadrupled in value over the past 12 months
Bitcoin Foundation chairman Brock Pierce addresses global growth in the crypto market.
Ray Dalio, the billionaire founder of Bridgewater Associates, splashed cold water on Bitcoin Wednesday, and said if the cryptocurrency ever gets too big, regulators will "kill it."
"I think at the end of the day, if it’s really successful, they will kill it and they will try to kill it," he told CNBC. "And I think they will kill it because they have ways of killing it."
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The report pointed out that the currency has quadrupled in value over the past 12 months and hovered around $47,500 on Wednesday. In June, El Salvador became the first country to identify Bitcoin as legal tender.
Ray Dalio, billionaire and founder of Bridgewater Associates LP, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Wednesday, May 1, 2019. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
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Dalio is not the first hedge-fund boss to question cryptocurrencies.
John Paulson, the hedge fund billionaire who made a fortune in 2008 when he shorted the housing bubble, said last month that he believes cryptocurrencies will eventually go bust.
Verdence Capital Advisors CEO Leo Kelly argues that it's a 'stretch' for Bitcoin to be a replacement for currency.
The 65-year-old told "Bloomberg Wealth with David Rubenstein" that he wouldn't recommend the investment to anyone. He said there is a cryptocurrency bubble that will "eventually prove to be worthless."
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"I would describe them as a limited supply of nothing," he said. "So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount."