Ray Dalio, the manager of the largest hedge fund in the world, believes that Bitcoin will be too popular for governments to kill.
“Governments don’t want it if it’s successful.” Dalio stated that if the project is truly successful, the government will kill it, and have methods of doing so,” he told CNBC, an American business channel.
Dalio acknowledged that he has Bitcoin, but it is only a small portion of his gold investment. It does not necessarily have no value. Dalio stated that it doesn’t have intrinsic value.
This renowned investor believed that Bitcoin’s true value could be found in perception and diversification. The famous hedge fund manager was one of the most prominent investors in cryptocurrency during the neck-breaking run that saw it rise from its lows in March 2020 to record highs in April 2019.
This comment is made against the background of the proposed Indian cryptocurrency bill, which seeks to ban all private cryptocurrencies. Recent media reports suggest that the government might soften its harsh stance on cryptocurrency and notify them as commodities.
The Reserve Bank of India reiterated its serious concerns about cryptocurrencies and their potential impact on India’s financial stability, time and again. Shaktikanta Das, Governor of RBI, recently asked the cryptocurrency industry for “credible answers” about the utility and impact of cryptocurrencies on India’s economy.