Ray Dalio, founder of the $150 billion hedge fund Bridgewater Associates, believes bitcoin has “proven itself” in the last 10 years but still sees a “good probability” that it will be outlawed by governments.

Speaking to Yahoo Finance’s Andy Serwer on Wednesday, the billionaire investor said it was “very likely under a certain set of circumstances” that bitcoin would be “outlawed” as gold was in the 1930s.

Under the U.S. Gold Reserve Act of 1934, it became illegal for individuals to own gold because, according to Dalio, governments did not want gold to compete with money or credit as a store of value.

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control,” Dalio added, citing India’s proposed ban on crypto as an example.

He added that bitcoin has “proven itself over the last 10 years,” having not been hacked and building a significant following.

Dalio has previously warned about the possibility of cryptocurrency bans by governments.

On other occasions, he expressed positive sentiment about bitcoin’s role as a diversifier in investment portfolios.

In November, prior to BTC’s staggering run-up to $50,000 and beyond, Dalio said if bitcoin or other cryptos become “material,” governments will “outlaw” it. “They’ll use whatever teeth they have to enforce that,” he said at the time.

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