Ray Dalio: Authorities Could Ban Bitcoin
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12 November
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Ray Dalio, billionaire and founder of the investment firm Bridgewater Associates, has said governments could ban Bitcoin if they consider it dangerous. In an interview with Yahoo! Finance, he pointed out gold has an advantage over cryptos because this will be the vehicle central banks and countries will choose as an alternative to normal cash:

"If Bitcoin becomes material, governments won’t allow it. I mean, they’ll outlaw it and they’ll use whatever teeth they have to enforce that."

Dalio has also pointed out the volatility of the crypto prevents it from being used as a means of payment. Moreover, the fluctuations in the price of Bitcoin make it useless as a store of value. Dalio has also said:

"There’s the type in which it’s like a Bitcoin-type of currency that will be an alternative currency in terms of its supply-demand and an alternative storehold of wealth. Then, there’s digital currencies that means there will be other types of currencies, let’s say the dollar, or the euro, or the Chinese renminbi that is digitalized. I think we’re going to see more of that second type."

It should be noted this is not the first time Dalio criticizes Bitcoin. Thus, in December 2019, he stated the only purpose of digital money is speculation.

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