Benzinga | Dec 26, 2021 01:43PM EST

Ray Dalio Says Bitcoin Will Not Hit $1M, Calls Elon Musk Plan To Put Dogecoin On The Moon 'Cute'

Ray Dalio, the founder of the world's largest hedge fund, Bridgewater Associates, says that Bitcoin (CRYPTO: BTC) will not be able to reach the $1 million mark as he thinks it will not surpass gold.

He said that gold is still a preferable "store hold of wealth" since it has been "universally recognized as money" for thousands of years, remaining the third-largest holding in central bank reserves around the globe.

Dalio was speaking on Lex Fridman's podcast.

Talking about the Dogecoin (CRYPTO: DOGE), Dalio said that Tesla Inc, (NASDAQ:TSLA) CEO Elon Musk's effort to put the meme cryptocurrency on the moon is "cute."

Speaking about Musk, Dalio said, "He wanted to take a spaceship to put a plant and a watering can on Mars [calling it] first life on Mars, as an inspiring notion."

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"I have a lot of respect for Elon's ability to do other things behind it, so I would take that as symbolic, and I'd be asking him what's behind it, what's next."

He spoke about NFTs and said they could emerge as a standalone type of money. The American billionaire has so far refrained from buying any NFTs, but he remains curious.

Earlier this month, Dalio said that he owned some Bitcoin and Ethereum (CRYPTO: ETH), but when asked how much he possesses, Dalio responded by saying that he doesn't hold a lot of it: "I'm very big on diversification, and it's a very small part of the portfolio."

In September, he spoke about regulators controlling Bitcoin and how there is a danger that governments could destroy the crypto market or take complete control of digital currencies if they become too popular.

Photo: Ray Dalio, Moritz Hager/World Economic Forum via Flickr