Ray Dalio, known for being the founder of Bridgewater Associates, a hedge fund that managed over $100 billion in assets under management (AUM), has referred to Bitcoin’s money role and how its code can constitute a vulnerability in the long run.

During the Master Investor Podcast, Dalio touched on the legitimacy of bitcoin in the context of dollar and fiat currency weakness, and how it still had vulnerabilities and weak points to fulfill the function of money.

Dalio explained that while bitcoin could be considered a medium of exchange, under current circumstances, it was more useful as a store of wealth. In any case, Dalio recognized that bitcoin is taken by some as money, given that it fulfills these functions.

“It is limited in its supply. It has certain transaction benefits very easily all around the world. You can transact in it. And so it has those elements,” Dalio asserted.

Nonetheless, he also highlighted some deficiencies that might break it as a valid money substitute. “I doubt that any um central bank will take it on as a reserve currency because everybody can understand and watch. Governments can see who is doing what transactions on it. There’s no privacy to it,” he assessed.

Dalio pinpointed code as a main weakness for bitcoin adoption as money, stressing that there are still doubts about whether the code could be tinkered with by government entities.

Pondering on these weaknesses, he stated:

There is a question of whether the code could be broken or things can be done to make it less effective, including government controls on it.

Even so, Dalio stated that he holds both gold and bitcoin in his investment portfolio, but “not much.“

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