“If it’s successful, governments don’t want to have it. At the end of the day if it is really successful, they will kill it and they have ways of killing it,” Dalio told US-based business channel
CNBC.
Dalio admitted that he owns Bitcoin but his investment in the cryptocurrency is only a small percentage of his investment in gold. “That does not mean it does not have value. Of course, it does not have intrinsic value,” Dalio said.
The renowned investor argued that Bitcoin’s value may lie in perception and in diversification. The hedge fund manager became one of the highest profile investors in the cryptocurrency during its neck-breaking run from the lows of March 2020 to the record highs hit in April this year.
Dalio’s comment comes in the backdrop of the Indian government’s proposed cryptocurrency bill that seeks to ban all forms of private cryptocurrencies. Media reports, recently, have suggested that the government may tone down its harsh stance and notify cryptocurrencies as commodities.
The Reserve Bank of India has time and again reiterated that it has serious and major concerns over cryptocurrencies and their impact on the country’s financial stability. RBI Governor Shaktikanta Das recently called upon the cryptocurrency industry to provide “credible answers” on the utility of cryptocurrencies to the Indian economy.
A Bitcoin today trades at around $45,000 after hitting a record high of nearly $64,000 in April.
