Ray Dalio: U.S. authorities can ban Bitcoin
Ray Dalio, head of investment fund Bridgewater Associates, said that the US authorities may well ban Bitcoin if the cryptocurrency seems to be "too successful" to them.
Dalio argues that we have seen more than one attempt by American regulators to restrict all alternative currencies that dare to challenge the dominance of the dollar in the market.
He said that under "certain conditions" Bitcoin could be declared "outlawed," like gold in 1930s America, when the Government banned citizens from storing it. Dalio implied the Gold Reserve Act of 1934, when the authorities sought to contain money-competing gold as a savings bank.
According to the billionaire, Bitcoin has demonstrated its capabilities over the past 10 years, attracting more and more attention from people and now even those agencies that have long ignored its power have started to get nervous because of the growth rate of the main cryptocurrency. In addition, with such a multimillion-dollar number of followers around the world, the attempt to artificially deter digital currencies is beginning to seem increasingly insane.
Continuing the idea, he noted that each country values its own monopoly on supply and demand control. And they do not need competing money, because at one point in such a market may reign chaos.
As an example of the authorities seeking to ban Bitcoin, Dalio remembered India, where rumors about the ban of the main cryptocurrency are actively multiplying. The billionaire is sure that in such conditions people will have nothing to oppose local regulators.