Ray Dalio, the founder and co-Chairman of Bridgewater Associates, the world’s largest hedge fund, said he sees three main problems with bitcoin and other cryptocurrencies that will limit their future, including that governments will “outlaw” them should they start to become “material.”

In an interview with Yahoo Finance, Dalio said he expects more digitized versions of government-issued currencies in the future than bitcoin and other cryptocurrencies for three reasons:

“I don’t think digital currencies will succeed in the way people hope they would,” Dalio said.

“Would I prefer bitcoin to gold? No,” Dalio said.

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