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Ray Dalio says ‘cash is trash’ and makes the case for crypto, but warns governments might kill it

Billionaire says he owns some Bitcoin and thinks governments don’t want crypto to succeed

Ray Dalio says he has invested in Bitcoin.

Photo by David Paul Morris/Bloomberg files

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.

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“First, know cash is trash, so don’t keep it in cash,” Dalio, the founder of US$150 billion Bridgewater Associates, told CNBC Wednesday.

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Ray Dalio says ‘cash is trash’ and makes the case for crypto, but warns governments might kill it

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Dalio, 72, who has a US$15.6-billion fortune, according to the Bloomberg Billionaires Index, said 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.

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The hedge fund billionaire said that governments don’t want cryptocurrency to succeed, but that doesn’t mean investors shouldn’t diversify.

At the end of the day if it’s really successful, they’ll kill it. But that doesn’t mean it doesn’t have a place

Ray Dalio

Bitcoin, the largest digital currency, has jumped more than 60 per cent this year, but has come under increased scrutiny from regulators concerned about how retail investors are engaged with cryptocurrencies.

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