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Ray Dalio says regulators will close bitcoin if cryptocurrency money becomes more successful and refute predictions by Ark Invest’s Cathie Wood that its price will increase tenfold in five years.
Speaking at the Wednesday Salt Conference, the founder of Bridgewater Associates, said bitcoin would be a better way to spend money as long as it was approved for payment, but added: “I think at the end of the day if it will be better…[regulators]they tried to give it to him. ”
He also met Wood, who told a meeting of Salt – the annual meeting of hedge fund managers in New York City – on Monday, that he expected to spend $ 500,000 in five years, which Dalio said “does not make sense”.
Wood trading company has unveiled plans for currency exchange rates, even if it had been legitimately accepted.
Dalio’s comments come after Gary Gensler, chairman of the U.S. Securities and Exchange Commission, called on Congress to have the power to regulate the “Wild West” of cryptocurrencies.
The SEC last week warned Coinbase, the first cryptocurrency exchange in the US to publish publicly, that it should happen osuma the company if it launches a new digital loan called Credit.
The issue has raised concerns that such products, which allow users to earn interest on certain digital assets, should be considered secure and therefore in the hands of regulators.
Dalio said he bought himself a crypto currency but his fortune is small compared to what he found in gold. He added that “governments do not need more money” but that businesses should spend their money differently.
The price of bitcoin has jumped by almost 50% this year with top investors like Paul Tudor Jones and Stanley Druckenmiller dropping their weight on cryptocurrency.
Dalio, co-chief of the Investment Fund and Co-Chairman of the world’s largest Hedge Fund, with more than $ 100bn, also said he was planning to resign. “It’s been a year or two,” he said.
The buyer predicted that the markets would look different in the next few years due to the economic and financial crisis. “You had a good motivation and everyone is up and it’s good. But when it’s over, it will be another picture,” he said.