Ray Dalio, the billionaire founder of Bridgewater Associates, splashed cold water on Bitcoin Wednesday, and said if the cryptocurrency ever gets too big, regulators will "kill it."
"I think at the end of the day, if it’s really successful, they will kill it and they will try to kill it," he told CNBC. "And I think they will kill it because they have ways of killing it."
The report pointed out that the currency has quadrupled in value over the past 12 months and hovered around $47,500 on Wednesday. In June, El Salvador became the first country to identify Bitcoin as legal tender.
Dalio is not the first hedge-fund boss to question cryptocurrencies.
The 65-year-old told "Bloomberg Wealth with David Rubenstein" that he wouldn't recommend the investment to anyone. He said there is a cryptocurrency bubble that will "eventually prove to be worthless."
"I would describe them as a limited supply of nothing," he said. "So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount."