(Bloomberg) -- Ray Dalio said Tuesday that he might be missing something about Bitcoin as the cryptocurrency passed $17,000 for the first time in almost three years.
“It's not very good as a store-hold of wealth because its volatility is great and has little correlation with the prices of what I need to buy,” the billionaire founder of Bridgewater Associates said in a series of posts on Twitter, adding that governments could eventually outlaw it if it started to compete with the currencies they control.
“I can't imagine central banks, big Institutional investors, businesses or multinational companies using it,” Dalio added. “If I'm wrong about these things I would love to be corrected.”
Read More: Bitcoin Tops $17,000 for First Time in Almost Three Years
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