Billionaire Ray Dalio is relentlessly pushing his message that governments won’t allow Bitcoin to succeed. In a recent interview with Yahoo Finance, the Bridgewater Associates founder reaffirmed his earlier prediction that governments could outlaw Bitcoin. This time around, he asserts that the move is highly likely.
Dalio explained that governments are not willing to lose their monopoly on money to the leading digital asset since “things could get out of control.”
I think it would be very likely that you will have it [Bitcoin], under certain circumstances, outlawed the way gold was outlawed.
He used India as an example of a country that is fighting hard to keep Bitcoin under. As reported by BTC PEERS, the Indian government has moved to criminalize the trading and possession of private cryptocurrencies like Bitcoin.
To maintain their monopoly, governments are instead looking at central bank-backed digital currencies (CBDCs). Dalio opines that Bitcoin has proven itself as an asset class for the past ten years in the sense that it has never been hacked. He considers the flagship cryptocurrency a possible “alternative” to fiat.
In closing, Dalio still maintains his pro-Bitcoin stance. He calls the idea of owning cash “pretty crazy” due to depreciation. Furthermore, he thinks that the stock market is a bubble and is already halfway to peak levels.