As the Bitcoin correction deepens, fear, uncertainty and doubt come back, with billionaire hedge fund manager Ray Dalio adding a lot of them.
In an interview with the chief editor of Yahoo Finance on March 24, the founder of the $ 150 billion hedge fund Bridgewater Associates said there was a “good probability” that the U.S. government could ban Bitcoin in the same way. that he did with the gold property in the 1930s.
This was because government leaders at the time did not want gold to compete with fiat money and credit as a wealth reserve, Dalio added.
“They don’t want other resources to be operating or competing because things can get out of control. So, I think it would be very likely that, under a certain set of circumstances, you would make it illegal in the same way that gold was banned. “
The billionaire hedge fund and philanthropist, who called Bitcoin “a hellish invention” and compared it to gold in January, stressed that the Indian government is already trying to ban Bitcoin and cryptocurrency trade in general. He added that he is not an expert, but said that it can be traced and that the government can find out who is dealing with it.
However, there was a little light at the end of Dalio’s gloomy prospects, when he acknowledged that BTC has stood the test of time as an asset class.
“Bitcoin has proven its worth in the past 10 years, it has not been hacked. It is, therefore, generally worked on an operational basis. He built a significant number of followers. It is an alternative, in a sense, a deposit of wealth. It’s like digital money. And those are the advantages. “
On March 16, Dalio said the United States government could target those who exchange the dollar for Bitcoin as it becomes “inhospitable to capitalism” in preparation for “shocking” fiscal changes to tackle the national debt crisis.
The comments come as the Bitcoin correction continues to deepen, as signs that the bull market is entering its final stages have emerged in the chain. The BTC was corrected at 13.5% from its historical maximum of $ 60,100, to current prices of around $ 52,000.