Bridgewater Associates founder Ray Dalio shared on social media platform X on Sept. 2 that the Financial Times had misrepresented his written interview and omitted his complete responses. To ensure accuracy, he published the full exchange, highlighting the U.S. dollar’s vulnerabilities as a reserve currency and the implications for gold, cryptocurrency, and global financial stability. His analysis emphasized that worsening debt conditions, both in the U.S. and among other reserve currency issuers, are undermining the credibility of fiat systems and accelerating the search for alternative stores of wealth.

When asked whether deregulation threatens the dollar’s reserve status, Dalio responded:

No, but I do see the dollar and the other reserve currency governments’ bad debt situations as threatening to their appeals as reserve currencies and storeholds of wealth, which is what has been contributing to the rises in gold and cryptocurrency prices.

He made clear that fiscal mismanagement, not regulatory policy, is the core challenge for the dollar. Dalio further warned that the erosion of Treasury purchasing power poses broader risks to confidence in U.S. debt markets, even though he does not expect well-regulated stablecoins to face systemic risks. These observations placed the focus on sovereign obligations rather than on digital asset structures.

Dalio also explained why crypto is gaining ground relative to fiat money. He stated:

Crypto is now an alternative currency that has its supply limited, so, all things being equal, if the supply of dollar money rises and/or the demand for it falls, that would likely make crypto an attractive alternative currency.

“I think that most fiat currencies, especially those with large debts, will have problems being effective storeholds of wealth and will go down in value relative to hard currencies. This is what happened in the 1930 to 1940 period and the 1970 to 1980 period,” the Bridgewater Associates founder added.

By situating today’s pressures within the historical context of prior monetary breakdowns, Dalio suggested that the shift toward crypto and gold is part of a recurring cycle where fiat systems weaken under excessive debt burdens. His comments reinforced the argument that decentralized and scarce assets are becoming credible alternatives in an era of sovereign fiscal strain.

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