According to the billionaire hedge fund manager Ray Dalio, Bitcoin’s greatest undoing is going to be governments who want to “kill it.”

In a recently published essay titled “What I Really Think of Bitcoin,” the billionaire shares his views on Bitcoin. He begins by acknowledging Bitcoin’s technical accomplishments and ability to survive for over a decade. Dalio said:

I believe Bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into a computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a store hold of wealth is an amazing accomplishment.

He further explains that Bitcoin is already a gold-like alternative; a narrative that is beginning to sound cliché due to the devaluation of fiat currencies fueled by excessive money printing. Furthermore, Dalio admits that Bitcoin may have crossed the line of being a highly speculative asset to something that may have some value in the future.

Commenting on Bitcoin’s privacy and government involvement in the digital asset, he noted that Bitcoin will be as private as the government allows it to be. Moreover, it is only natural for regulators to try to eliminate any opposition. He said:

As an extension of Bitcoin being digital are the questions of how private it is and what the government will allow and not allow it to be. Regarding privacy, it appears that Bitcoin will unlikely be as private as some people surmise. It is, after all, a public ledger […]It is hard for me to imagine that they would allow Bitcoin (or gold) to be an obviously better choice than the money and credit that they are producing. I suspect that Bitcoin’s biggest risk is being successful, because if it’s successful, the government will try to kill it and they have a lot of power to succeed.