American billionaire Ray Dalio expressed concerns about countries like India and China strangling the growth of world's largest valued cryptocurrency, Bitcoin. Speaking to the press earlier this week, the 72-year-old former co-chief investment officer of the world's largest hedge fund, Bridgewater Associates, said he fears that if Bitcoin gets more popular, global regulators will try to kill the cryptocurrency. The business tycoon also said that despite not being totally onboard with digital currencies in the past, he has converted a portion of his portfolio into Bitcoin.
As per a report by portal CryptoPotato, Dalio feels that countries like India and China are trying to “get rid” of cryptocurrencies. While China has banned trading and transacting in digital currencies, India remains shaky in its approach towards securing the future of cryptos.
“I think at the end of the day if it (Bitcoin) is really successful, they (global regulators) will kill it, and they will try to kill it,” the report quoted Dalio as saying.
The famous investor further highlighted that people must have enough diversification in their portfolios before entering the crypto space given the constant market uncertainty. He has laid emphasis on investors keeping finances safe in the form of gold or other highly valued commodities.
Despite anti-crypto voices like that of Christine Lagarde, the president of European Central Bank questioning the credibility of cryptocurrencies, the digital finance tokens are witnessing fandom among global traders and investors.
The billionaire investor had last month said that Bitcoin was akin to digital gold. A constant evaluation of your investments is the key, according to Dalio. He further suggested avoiding buying an asset like Bitcoin just because of its temporary boom. “Be careful about what you're putting your money in,” he said.
Earlier this month, El Salvador became the first country in the world to make Bitcoin a legal tender alongside the US dollar.
The decision was welcomed by Ethereum co-founder Charles Hoskinson, who predicted that many more nations will follow the Central American country in adopting Bitcoin, which is the largest cryptocurrency in the world.