The founder of the world’s largest hedge fund, Bridgewater Associates, Ray Dalio believes that regulators will eventually take control of¬†bitcoin if the cryptocurrency becomes a mainstream success.

“I think in the end, if it really succeeds, they will kill him or try to kill him. I think they will kill him because they have ways of doing it,”¬† he said in an interview with CNBC.

US regulators have stepped up oversight of the volatile cryptocurrency space as wild swings in speculative markets continue to attract their attention.

Securities and Exchange Commission Chairman Gary Gensler said Tuesday that Wall Street’s top regulator is working overtime to create a set of rules to protect investors by better regulating thousands of new digital assets and coins.

Despite some severe bouts of volatility, Bitcoin has been quite successful recently. The cryptocurrency has more than quadrupled over the past 12 months, with its price exceeding $60,000 earlier this year.

“You have Salvador taking it (bitcoin) and you have India and China getting rid of it. And the United States is talking about how to regulate it, and it can be controlled,” Dalio said.

In September, Salvador became the first country to accept Bitcoin as legal tender. Meanwhile, India is expected to propose legislation to ban cryptocurrencies and punish miners and traders. China has also cracked down on cryptocurrency markets, ordering miners to stop their operations.

Dalio still believes that Bitcoin is a good alternative to cash. At the same time, he noted that Bitcoin has no intrinsic value, which means that the asset has no fundamental and objective value.

“From a historical perspective, there are so many things that had no intrinsic value and were valuable… In Holland, these were tulips,” the investor recalled.

However, in his portfolio, the digital token takes up a smaller percentage compared to gold.

“I think it’s worth considering all the alternatives to cash and all the alternatives to other financial assets. Bitcoin is an opportunity. I have a certain amount of money in Bitcoin,” the billionaire said.