Ray Dalio says 'bitcoin is bubble'

Bridgewater Associates founder Ray Dalio said he is not a believer in cryptocurrencies on CNBC's "Squawk Box" on Tuesday.

"You can't make much transactions with it. You can't spend it very easily," Dalio said. "It's not a store-hold of wealth. Bitcoin is a highly speculative market. Bitcoin is bubble."

Dalio wrote about his life lessons and the initial failures during his career in his book entitled "Principles: Life and Work," available on Tuesday.

Bridgewater is famous for its "Pure Alpha" product, which became the most successful fund ever in the industry. The fund combined multiple uncorrelated return strategies that are leveraged appropriately to maximize returns, while lowering risk.

"For over twenty-six years now, that new type of plane [Pure Alpha] has flown exactly as we anticipated, making money in twenty-three of these years (having only modest losses in the other three) and making more money in total for our clients than any other hedge fund ever," he wrote.

The firm currently manages about $160 billion, according to its website. Dalio started the firm in 1975 out of his two-bedroom apartment in New York City.

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