Though holding some bitcoin and admitting the cryptocurrency’s attraction as “alternative gold,” Ray Dalio disputed Cathie Wood’s view that bitcoin
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+2.54%

will rise tenfold in five years. 

“That doesn’t make any sense to me,” the billionaire and founder of hedge fund Bridgewater Associates on Wednesday said at the SALT conference held in New York. The tenfold rise could be “very much a stretch,” Dalio said.  

“There’s a certain amount of reflation turn-around for those kinds of things going up to make a price increase, and there’s a certain market share that gold might have, that bitcoin might have and other things might have,” Dalio said. 

In a different panel of the SALT conference, Ark Invest’s
ARKK,
+0.82%

Wood said on Monday that she expected bitcoin’s price to top $500,000. 

Dalio also said he had more gold
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-0.68%

than crypto. “I would say diversification is a good thing. We could get into the merits of one versus the other,” he said. 

Meanwhile, Dalio reiterated his view that the U.S. has “bad finances,” spending more than it is earning. “You can fill that in by printing money and continue to create debt. But that’s not sound finances.” 

It means “you don’t want to commit cash. You don’t want a bond, it’s going to have a negative real return.” Dalio said. “You want stocks, you want gold, you want tangible assets, you want real estate, you want the things that are basically anti-money…you want to get into those things that have more of those intrinsic values accompanying it.”

When asked about his personal plans, Dalio said he expects to “go quiet” and “do the things I like to do” after a year or two. 

“My goal is not anymore to be more successful myself but just to try to pass along. And then I’ll do that for a year or two. And then I’m done,” Dalio said. 

See also: At end, of the day if bitcoin is successful, ‘they’ll kill it’ says founder of world’s largest hedge fund Dalio

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