Ray Dalio cautioned against viewing Bitcoin as digital gold, arguing that “there is only one gold” and that central banks are unlikely to adopt Bitcoin as a long-term reserve asset.
Speaking on the All-In Podcast, Dalio described gold as the “most established money” and the second-largest reserve asset held by central banks, reinforcing his view that it remains the primary store of value in times of geopolitical stress.
Dalio questioned Bitcoin’s safe-haven credentials, noting its historically high correlation with tech stocks and warning that forced selling in other markets can spill over into crypto holdings.
He also raised concerns about Bitcoin’s privacy limitations, stating that transactions can be monitored, and flagged potential long-term risks from advances in quantum computing.
Between July and early October, both Bitcoin and gold rallied before a broader crypto market crash erased nearly $20 billion in leveraged positions, after which the assets diverged.
Since its October peak, Bitcoin has fallen more than 45% to around $68,420, while gold has climbed over 30% to roughly $5,120 over the same period.
Dalio reiterated his broader macro view that the current global order has “broken down,” advising investors to prioritise resilient stores of value such as gold as debt levels and geopolitical tensions rise.
At the time of reporting, Bitcoin price was $68,628.55.