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Bridgewater Associates Chairman Ray Dalio attends the China Development Forum in Beijing, China on March 23, 2019.

Thomas Peter | Reuters

Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, believes that regulators will eventually take over control of bitcoin if the cryptocurrency achieves mainstream success.

“I think at the end of the day, if he’s really successful, they’re going to kill him and they’re going to try to kill him. And I think they’re going to kill him because they have ways of killing him,” Dalio told Andrew Ross Sorkin on CNBC Wednesday. “Squawk Box” at the SALT Conference in New York.

US regulators have intensified their control of the volatile cryptocurrency space as wild rides in speculative markets continue to attract attention. Securities and Exchange Commission Chairman Gary Gensler said Tuesday that Wall Street’s largest regulator is working overtime to create a set of rules to protect investors by better regulating thousands of new digital assets and coins.

Despite some extreme volatility, Bitcoin has been very successful lately. Crypto has more than quadrupled in the past 12 months and was last seen around $47,500. It reached an all-time high above $60,000 earlier this year.

“You have El Salvador taking over, India and China getting rid of it,” Dalio said. “The United States is talking about how it’s organized and it can be controlled.”

In June, El Salvador became the first country to adopt bitcoin as a legal tender. Meanwhile, India is expected to propose a law banning cryptocurrencies and penalizing miners and traders. China has begun clamping down on the cryptocurrency markets, asking miners to close their operations.

Dalio said that bitcoin has no intrinsic value, which means the asset lacks intrinsic and objective value.

“There are a lot of things in a historical perspective that have no intrinsic value and have perceived value. And then it got hot and it got cold. It could be either way. You just have to know what it is. It could be,” Dalio said.

However, the billionaire investor said that bitcoin is a good alternative to cash, and that he owns a lower percentage of the digital token than he has exposure to gold in the wallet.

“I think it is worth considering all the alternatives to cash and all the alternatives to other financial assets,” Dalio said. “Bitcoin is a possibility. I have a certain amount of money in bitcoin.” “It’s a great achievement to bring from where that programming occurred to where it is through the test of time.”

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