The investor also said Bitcoin is a good asset for diversification, although regulation could still “kill” it
Billionaire investor Ray Dalio is among a growing number of seasoned financiers who view cryptocurrencies as a new asset class.
According to a Reuters report, the American investor said at this week’s SALT conference that his portfolio currently holds more crypto assets than gold.
In his speech Wednesday, Dalio urged attendees to diversify their investments and described cryptocurrencies as an excellent diversification tool. He advised investors to spread their portfolios as broadly as possible across many asset types.
The 72-year-old investor also noted that cryptocurrencies—especially Bitcoin—represent a compelling alternative to cash. While he did not list every crypto asset he owns, he confirmed that Bitcoin is among them.
In a separate interview with CNBC at the same conference, Dalio said Bitcoin has come a long way since its inception. He also warned that cryptocurrencies and the broader market still face significant hurdles to mainstream adoption.
He suggested regulators might try to “kill” Bitcoin if it becomes widely successful.
“I think they will kill it because they have ways to kill it,” the hedge fund billionaire told CNBC’s Squawk Box.
Dalio pointed to regulatory crackdowns in countries such as China and India, saying both have taken steps to push cryptocurrencies out. He added that the United States, despite its regulatory rhetoric, could ultimately exert control over Bitcoin. He made the remarks even as El Salvador has adopted BTC as legal tender, telling Squawk Box host Andrew Ross Sorkin that regulatory risk remains real.
Dalio founded Bridgewater Associates, the world’s largest hedge fund, in 1975 in New York and remains a highly respected voice in the investment community.