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Bridgewater Associates founder Ray Dalio said Bitcoin has not behaved as the safe-haven asset many investors expected, arguing that it lacks privacy, trades with a close link to technology stocks, and remains smaller than gold in the broader financial system.
In a May 11 post, Dalio said Bitcoin has received heavy attention but has fallen short when compared with gold during market stress. He pointed to three issues.
1) Privacy remains a key concern. Dalio said Bitcoin lacks privacy because transactions can be monitored and potentially controlled. He added that this makes Bitcoin less attractive to central banks as a reserve asset.
Dalio’s criticism centers on Bitcoin’s public ledger design. Confirmed transactions are recorded on a shared blockchain, enabling the network to verify ownership and spending without a central authority. While this supports transparency, it also underpins the privacy concern he raised.
2) Bitcoin does not act like gold in stress periods. Dalio said investors often sell Bitcoin during market pressure to raise liquidity elsewhere in their portfolios. He also argued that Bitcoin’s link to tech stocks weakens its safe-haven case.
3) Bitcoin remains small compared with gold. Dalio said gold has a deeper role in the global financial system, while Bitcoin’s position is still limited by comparison.
The article also referenced earlier coverage noting that Bitwise analysis found gold offered stronger downside protection during market drawdowns, while Bitcoin delivered stronger gains during recovery periods.
Michael Saylor, Strategy’s executive chairman, pushed back on Dalio’s view. Saylor said gold is analog capital while Bitcoin is digital capital. He also argued that Bitcoin’s transparency is a feature rather than a flaw, because it supports its use as global collateral.
Saylor added that Bitcoin has outperformed gold since Strategy adopted its Bitcoin standard in August 2020. His comments highlighted a divide between investors who treat Bitcoin as a risk asset and those who view it as a long-term monetary asset.
While Dalio criticized Bitcoin’s reserve-asset case, the article noted that he has held some cryptocurrency. It also said he prefers gold due to Bitcoin’s volatility, traceability, and uncertain reserve role.
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