🧐 Dalio says $BTC has three major flaws | But in fact, he overlooks a bigger trend.

Looking at the recent views of Ray Dalio on $BTC that many people are discussing, it can be summarized into three points:

1️⃣ Bitcoin does not have central bank support, and central banks will not buy;

2️⃣ There is uncertainty about privacy and regulation, wealthy individuals will not buy;

3️⃣ Quantum computing may threaten security, and people will not buy.

So his conclusion is that Bitcoin has flaws, this thing doesn't work, gold is the real reserve asset.

However, if we look from a broader historical and financial structure perspective, I believe his viewpoint is actually reasonable but incomplete.

1️⃣ The essence and underlying logic of Bitcoin:

Personally, I feel that although we call Bitcoin digital gold, it has never been a copy of gold.

More accurately, Bitcoin is a stateless reserve asset that addresses the most practical problem you can see in my top post: interest rate hikes are temporary, while quantitative easing is eternal, so where does money go when national credit declines?

Thus, Bitcoin is not a competitor to gold, but rather a new asset that the world needs.

Additionally, Dalio's viewpoint actually overlooks a key trend: something very significant has happened in the past decade: capital is seeking assets outside of nation-states.

What does that mean? In recent years, the trend of de-dollarization has intensified in various countries, and you may have noticed that many global assets are rising, leading to a continuous increase in gold reserves and gold prices.

In this context, global flows of crypto assets have just begun to enter everyone's view, and Stablecoins have just seen explosive growth.

Why is this the case?

Essentially, it all follows the same logic: capital is seeking value anchors that do not depend on national credit.

Gold is the old answer, Bitcoin is the new answer.

2️⃣ Discussing Bitcoin's privacy:

First of all, Bitcoin is not "anonymous," but rather "publicly transparent."

Bitcoin's design is that all transactions are publicly recorded on the chain, and anyone can see all transfer records; therefore, theoretically, if an address is linked to a real identity, all historical transactions of that address can be tracked.

However, this is actually a design choice, not a flaw.

The original design logic of Bitcoin is: security > privacy.

Because: if it were completely anonymous, the system would become one that cannot be audited, is prone to wrongdoing, and is difficult to establish trust.

Thus, Bitcoin has chosen a structure: pseudonymous.

That is: addresses are not directly linked to identities, but transaction records are completely transparent.

This is also why many institutions are willing to accept BTC: because it is compliant and traceable.

On another level, Bitcoin lacks privacy, but the ecosystem continues to enhance this capability; privacy can actually be resolved through "layer two technology."

Thus, privacy can be enhanced, rather than fixed.

From another perspective, the issue Ray Dalio mentioned, traditional finance is actually less private.

Therefore, my viewpoint is: Bitcoin is not an anonymous currency, but a censorship-resistant asset. If national systems need to trace a particular asset, they can also serve regulatory purposes; however, for individuals, privacy is still relatively good.

Furthermore, it should be noted that privacy is not the core value of Bitcoin.

Its core lies in: non-freezable, non-confiscatable, and not dependent on any country or intermediary institution—this is Bitcoin's strongest aspect.

3️⃣ About quantum attacks:

This topic has been discussed several times before; you can refer to some of my previous writings without elaborating here.

"Quantum computing is not a black swan, but a risk process that could be seen more than a decade in advance." https://x.com/Bitwux/status/2000935672321048711?s=20

"a16z annual analysis helps you understand the true threat of quantum attacks | Quantum computing × Blockchain: a severely misunderstood future threat" https://x.com/Bitwux/status/1998604495480304068?s=20

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