Ray Dalio has revealed that he is the owner of Bitcoin

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Former Bitcoin skeptic turned billionaire businessman Ray Dalio has finally admitted to investing in the cryptocurrency. Bridgewater Associates, the world’s biggest hedge fund, has said that cryptocurrency has won his admiration.

The hedge fund manager previously described Bitcoin as one heck of an innovation and said it was difficult to place a valuation on digital assets because investing in Bitcoin entails accepting the risk of losing around 80% of your investment.

Ray Dalio told CoinDesk at the 2021 Consensus meeting, “I have some bitcoin.” The interview took place on May 6 and was released today, Monday.

He does, however, have reservations about the blockchain, acknowledging that it still has risks, one of which is Bitcoin’s performance. He expressed concern that once bitcoin becomes profitable, the government will be unable to regulate it again.

According to Dalio, if cryptocurrencies continue to gain momentum, investors can invest in them rather than government bonds. Governments lose the leverage of their ability to collect funds as a result.

For a long time, Dalio has been a bond bear, claiming in March that bond-buying has “become stupid” because they cost less than inflation.

Ray Dalio has previously voiced anxiety about the dangers of government oversight.

If bitcoin is seen as a competitive threat to treasury bonds, Dalio warned in March that the US government could ban it, as it did with gold in the 1930s.

Could the government outlaw Bitcoin, based on Ray Dalio’s analysis?

James Ledbetter, the editor of the fintech newsletter FIN and a CNBC blogger, previously told CNBC Make It that the government will find it impossible to block Bitcoin effectively.

While there are concerns or risks associated with bitcoin regulation, “I don’t think even a concerted effort among different countries and different central banks could shut down bitcoin. I don’t think that’s technologically possible. But there are ways that Bitcoin could be regulated.” Ledbetter said.

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