“We haven’t been in a competitive environment because the dollar has been the world’s reserve currency,” said Dalio, the founder and co-chief investment officer of Bridgewater Associates, the world’s largest hedge fund, which manages about $150 billion.

Last month, the lira plunged after Turkish president Recep Tayyip Erdogan unexpectedly fired Naci Agbal, the nation’s central banker—the third central bank chief in two years—for raising interest rates as a way to control inflation.

Investors that put money into these products with the assumption that they are contributing to sustainability or social justice may be surprised to see the underlying holdings.

The largest digital currency hit a record high above $64,000 Wednesday, putting it on track to meet Pantera’s price prediction of $115,000 by August 2021.