Ray Dalio, one of the most influential American billionaires, has taken aim at Bitcoin once again, ruffling the feathers of some of the key voices within the industry.
According to the legendary hedge fund manager, BTC cannot function as a reliable store of value.
The case against BTC
First of all, Bitcoin fails as a store of value due to its lack of privacy, Dalio says.
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He has noted that the transactions conducted by the users of the leading cryptocurrency can be easily monitored and potentially controlled. This, as he had already mentioned before, makes BTC a rather unappealing reserve asset for central banks.
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The billionaire has also touched upon another oft-repeated Bitcoin critique, which is the cryptocurrency's persistent correlation with tech stocks. Investors often liquidate their crypto holdings to cover squeezes in other areas of their portfolios.
Gold, on the other hand, is a deeply held and widely established asset that remains central to the global financial system.
"Third, it’s a relatively small and controllable market, whereas gold stands alone. There is only one gold. Ultimately, gold is more widely held, deeply established, and still plays a central role in the global system," he stated.
"Feature, not a bug"
Various industry leaders were quick to defend the asset. The MicroStrategy founder countered the privacy critique by arguing that Bitcoin's transparency is a "feature, not a bug." This qualifies it to serve as global collateral.
The asset has consistently outperformed gold while maintaining a higher Sharpe ratio, according to the controversial Bitcoin evangelist.
Bitcoin financial services firm River has also pointed to Bitcoin's utility, arguing it serves as a safe haven for purchasing power against central bank inflation. Traditional gold is practically impossible to use for daily payments or cross-border payments.
Analyze David Lawant has opined that Bitcoin's current market behavior is simply indicative of a new commodity undergoing a lengthy monetization process.
Dalio's modest allocation
As reported by U.Today, Dalio, a former Bitcoin skeptic, revealed a Bitcoin allocation back in 2021 amid a robust bull market. This was celebrated as a major vote of confidence, but the billionaire did not become a BTC superfan overnight.
Dalio views this small allocation as a "long-duration option" and a hedge against macroeconomic instability.
In August 2025, Dalio continued to recommend small crypto allocations, but he prefers gold
Earlier, he also cited the theoretical threat of quantum computing to explain why he is hesitant to embrace Bitcoin.
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