The world’s largest hedge fund with $150 billion under management – Bridgewater Associates – is planning to back cryptocurrencies for the first time.

The fund, founded by billionaire Ray Dalio, is preparing to invest in an external instrument related to cryptocurrencies. According to CoinDesk, it will not invest directly in crypto assets at this time.

Dalio recently admitted that he has been making small investments in bitcoin, which he said is “almost an alternative to gold for the younger generation” and “worth considering as a small part of a diversified portfolio.”

However, Dalio also warned that governments will ban cryptocurrencies if they become too successful.

Earlier this month, U.S. President Joe Biden signed an executive order requiring federal agencies to conduct a broad review of their policies on cryptocurrencies and other digital assets.

Several hedge funds have already ventured into the digital asset space. For example, London-based Brevan Howard launched a cryptocurrency hedge fund in January, according to The Wall Street Journal.

Steve Cohen’s venture capital arm Point72 Asset Management led a $21 million Series A funding round in 2021 for Messari, a cryptocurrency market analysis firm, according to MarketWatch.