Ray Dalio, the owner of the largest hedge fund, is worried that government could kill crypto. Even previously, he said that the only threat to Bitcoin is the government. And recently, the amendment that Senator Warren is pushing for could make that happen. There is a healthy chance that the amendment won’t pass, but maybe it will, and things will change entirely for the industry.
Ray Dalio is worried.
Even though Ray Dalio thinks Bitcoin is digital gold, he is worried about the government stepping in and outlawing the entire thing. This was told by him in an interview with CNBC last week. He also cited a very good example of the gold reserve act 1934 that made it compulsory to transfer all privately held gold and certificate to the US treasury. And if something similar happens, things for the crypto industry will get very difficult. I am sure BTC won’t lose all its value, but the usage and adoption will become much difficult and might even stop altogether.
Ray Dalio owns Bitcoin too, even though the amount is small, it is important to know that he does. He sees it as diversification in his portfolio and considers Bitcoin to be an asset. The government could do anything to threaten this, but I don’t think that will affect the picture in the long term. The questions surrounding Bitcoin, still makes Ray choose gold over BTC. He said if he had to choose one, it would be gold because of its past record of storing wealth.
Adoption is rising
We should also understand the fact that crypto adoption is rising. This is a probable reason why the government might reconsider before taking any strict decision against crypto. A lot of people and large companies are invested in the industry, and it could affect them and the US economy if crypto is banned or outlawed. The recent amendment that Senator Warren is pushing will also not be good for the industry.
Are you worried about the warren amendment and that the government could kill crypto? And do you think that a ban or regulation could stop Bitcoin? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
Also Read: Elizabeth Warren expresses the need for the government to look after crypto
