Bridgewater Associates Chairman Ray Dalio attends the China Development Forum successful Beijing, China March 23, 2019.
Thomas Peter | Reuters
Ray Dalio, laminitis of the world's largest hedge money Bridgewater Associates, believes regulators would yet instrumentality power of bitcoin if the cryptocurrency gains mainstream success.
"I deliberation astatine the extremity of the time if it's truly successful, they volition termination it and they volition effort to termination it. And I deliberation they volition termination it due to the fact that they person ways of sidesplitting it," Dalio told Andrew Ross Sorkin Wednesday connected CNBC's "Squawk Box" astatine the SALT league successful New York.
U.S. regulators person stepped up its oversight connected the volatile cryptocurrency abstraction arsenic the chaotic rides successful the markets continued to drawback attention. Securities and Exchange Commission Chairman Gary Gensler said Tuesday that Wall Street's apical regulator is moving overtime to make a acceptable of rules to support investors done amended regularisation of the thousands of caller integer assets and coins.
Despite immoderate dense bouts of volatility, bitcoin has been rather palmy arsenic of late. The crypto has much than quadrupled the past 12 months and was past astir $47,500. It deed a precocious supra $60,000 earlier this year.
Still, the billionaire investors said bitcoin makes a bully alternate to cash, and helium owns a smaller percent of the integer token compared to his golden vulnerability successful the portfolio.
This is breaking news. Please cheque backmost for updates.
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