The Tell: ‘Bitcoin is a bubble,’ says the head of the world’s largest hedge fund

The founder of the world’s largest hedge fund says cryptocurrencies like bitcoin meet his firm’s criteria for a market bubble.

Bitcoin and its peers can’t be spent very easily and they make for a poor “storehold of wealth” compared with, say, gold, due to their extreme volatility, Ray Dalio of Bridgewater Associates told CNBC in a Tuesday morning interview.

Read:Everything you need to know about digital currencies, in one massive graphic

“Bitcoin is a highly speculative market. Bitcoin is a bubble,” he said.

See:Bitcoin might be forming a top when…your 68-year-old dad paints a picture of it

Bitcoin BTCUSD, -1.76% hit an all-time high around $4,950 on Sept.

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