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Ray Dalio warned that investors shouldn’t become too reliant on cash and that while he owns some Bitcoin there’s a danger that governments could destroy the crypto market.
“First, know cash is trash, so don’t keep it in cash,” Dalio, the 72-year-old founder of Bridgewater Associates, told CNBC on Wednesday.
Dalio, who has a $15.6 billion fortune, according to the Bloomberg Billionaires Index, told CNBC that he has some money invested in Bitcoin, but it’s a small percentage of his investment in gold, which in turn is a small percentage of his other assets.
The hedge fund billionaire said that governments don’t want cryptocurrency to succeed, but that doesn’t mean investors shouldn’t diversify.
Bitcoin, the largest digital currency, has jumped more than 60% this year, but has come under increased scrutiny from regulators concerned about how retail investors are engaged with cryptocurrencies.
“At the end of the day if it’s really successful, they’ll kill it,” Dalio added. “But that doesn’t mean it doesn’t have a place.”
