Billionaire Ray Dalio, founder of one of the world’s largest hedge funds, Bridgewater, appears to be not a fan of Bitcoin.

The billionaire believes that Bitcoin does not serve the main purposes of money.

And the He said To CNBC at the World Economic Forum events in Davos:

There are two purposes of money, either as a medium of exchange or to save wealth, and Bitcoin is ineffective in either of these cases.

While the investor “Ray Dalio” supported the purchase of gold and said:

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I think an investor should have a certain amount of gold in his portfolio.

Dalio advised investors to have a well-diversified global portfolio.

It is worth noting that the Bridgewater hedge fund manages approximately $160 billion in global investments According The company’s website.

Note that Ray Dalio “has previously a description Bitcoin was described as a “bubble” in 2017, describing it as a tool “that exists only for speculation.”

And he’s not the only investor who sees flaws in investing in bitcoin.

Charlie Munger and Warren Buffett previously attacked the digital currency, and JPMorgan CEO described bitcoin as a “scam.”

However, a recent report by Bank of America stated that Bitcoin has been ranked as the best single investment over the past decade.

The report said that every US dollar invested in bitcoin at the beginning of 2010 is now over $90,000.

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