<p>Billionaire investor Ray Dalio, who is the founder of the world’s largest hedge fund Bridgewater Associates, is not a fan of bitcoin.</p> <p>Dalio believes bitcoin doesn’t serve purposes of money. “There’s two purposes of money, a medium of exchange and a store hold of wealth, and bitcoin is not effective in either of those cases now,” he <a href="https://www.cnbc.com/2020/01/21/ray-dalio-at-davos-cash-is-trash-as-everybody-wants-in-on-the-2020-market.html">told</a> CNBC at the World Economic Forum in Davos, Switzerland.</p> <p>The 70-year-old billionaire investor endorsed buying gold. “I think you have to have a certain amount of gold in your portfolio,” he said.</p> <p>Cash, on the other hand, is “trash,” according to Dalio. He advised investors to have a global and well-diversified portfolio. Dalio’s firm, Bridgewater, manages about <a href="https://www.bridgewater.com/">$160 billion</a> in global investments for around 350 institutional clients, according to its website.</p> <p>This is not the first time Dalio has had a negative stance on bitcoin. In 2017, he <a href="https://www.cnbc.com/2017/09/19/ray-dalio-says-bitcoin-is-bubble.html">called</a> bitcoin “a bubble” and a “highly speculative” instrument.</p> <p>Dalio is not the only billionaire investor who sees flaws in bitcoin. Charlie Munger and Warren Buffett of Berkshire Hathaway have <a href="https://www.theblockcrypto.com/linked/51838/bitcoin-is-a-pyramid-scheme-says-an-economist">called</a> bitcoin "rat poison" and "rat poison squared," respectively. Carl Icahn once <a href="https://www.cnbc.com/2018/02/06/carl-icahn-bitcoin-and-other-cryptocurrencies-are-ridiculous.html">called</a> bitcoin “ridiculous, while JPMorgan CEO Jamie Dimon has <a href="https://www.theblockcrypto.com/post/11689/jp-morgan-launches-its-own-cryptocurrency-the-first-for-a-major-us-bank">called</a> bitcoin “a fraud.”</p> <p>Yet, a recent report from Bank of America <a href="https://www.theblockcrypto.com/linked/51838/bitcoin-is-a-pyramid-scheme-says-an-economist">names</a> bitcoin the single best investment of the last decade. The report said if you invested $1 in bitcoin at the start of 2010, it would now be worth more than $90,000.</p>