Bridgewater Associates founder Ray Dalio pointed out two issues with Bitcoin: lack of privacy and positive correlation with tech stocks, concluding that it does not qualify as a hedge asset. Dalio stated on the All-In Podcast in March 2026 that 'there’s only one gold,' asserting that the Bitcoin market is relatively small. Disclosure documents from November 2025 revealed that Bitcoin accounted for 1% of Dalio’s personal investment portfolio. Bitwise’s January 2026 data report highlighted that gold has lower volatility during market pullback cycles compared to Bitcoin, while Bitcoin’s pullback magnitude aligns with the tech sector index.