Ray Dalio renewed his criticism of Bitcoin’s role as a store of value during an appearance on the , arguing that the cryptocurrency should not be compared with gold because it lacks the institutional backing and structural characteristics traditionally associated with safe-haven assets.
Ray Dalio renewed his criticism of Bitcoin’s role as a store of value during an appearance on the , arguing that the cryptocurrency should not be compared with gold because it lacks the institutional backing and structural characteristics traditionally associated with safe-haven assets.
The Bridgewater Associates founder said Bitcoin does not benefit from central bank ownership, lacks privacy due to its transparent blockchain ledger, and could face future technological risks from advances in quantum computing.
Dalio’s remarks came during a week of heightened geopolitical tension following the outbreak of the U.S.–Iran conflict, a period that also tested how markets reacted to sudden global uncertainty. While he reiterated that gold remains a more established reserve asset, price movements in both markets during the same period showed volatility rather than clear safe-haven behavior.
Market activity on the day of Dalio’s comments showed divergent reactions between the two assets. Five days into the U.S.–Iran conflict, both markets had experienced fluctuating price movements. Gold initially rose following the first military strikes, but later gave back those gains as concerns shifted toward potential oil supply disruptions.
, meanwhile, dropped on Saturday, recovered on Sunday following reports of the death of Iranian Supreme Leader Ayatollah Ali Khamenei, and later faced resistance near the $70,000 level.
The price action pointed out that neither asset consistently behaved as a traditional crisis hedge during the week. Both markets moved in response to shifting geopolitical and macroeconomic signals rather than maintaining a stable safe-haven trend.
Although Dalio questioned Bitcoin’s structural strengths, he continues to hold a small allocation to the digital asset. He said roughly 1% of his investment portfolio is currently allocated to Bitcoin for diversification purposes.
In July 2025, Dalio also recommended that investors allocate up to 15% of their portfolios to either Bitcoin or gold, describing the combined allocation as offering what he called the “best return-to-risk ratio” amid rising U.S. government debt levels.
Dalio has repeatedly raised concerns about Bitcoin’s transparency and governance model. Because transactions occur on a public ledger, he said, activity on the network can be monitored and potentially controlled. He also questioned whether central banks would accumulate an asset that operates outside traditional monetary systems.
Another issue he highlighted involves potential long-term technological threats. Dalio pointed to quantum computing as a development that could eventually challenge existing cryptographic security frameworks used by digital assets.
Separately, Dalio has warned that the U.S.-led global financial order is undergoing structural change. In recent remarks, he said the current system has “broken down,” arguing that investors may need to reconsider how they protect wealth as global financial conditions evolve.
