Ray Dalio, founder of Bridgewater Associates, said he would rather own Bitcoin than a bond.
Should cryptocurrencies continue to gain traction, investors might decide to invest in them rather than government bonds, Dalio said in a recorded interview that was presented Monday at CoinDesk’s Consensus 2021 conference. The result is that governments lose control over their ability to raise money.
Dalio has been bearish bonds for some time, saying in March that the economics of investing in bonds “has become stupid” because they pay less than inflation. Even with that view, a large percentage of the $151 billion his firm manages is in U.S. Treasuries and other government bonds.
“I have some Bitcoin,” Dalio said in the interview, which was recorded on May 6, according to CoinDesk. He didn’t say how much he owned.
Dalio also said that Bitcoin’s “greatest risk is its success.”
The hedge fund manager has previously called Bitcoin “one hell of an invention” and that he found it challenging to put a value on digital assets since investing in Bitcoin means recognizing the potential to lose about 80%.
Dalio said in January he was considering cryptocurrencies as investments for new funds that would offer clients protection against the debasement of fiat money.
Bridgewater Associates has struggled to make money in its main macro fund. Last year, its Pure Alpha II fund lost 12.6% and it is up 4% this year through April. Overall, Bridgewater manages $73 billion across its macro strategies.
This article originally appeared on Yahoo! Finance.
