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Ray Dalio's comments claiming Bitcoin has failed as a safe-haven asset have sparked controversy

Ray Dalio is one of the most influential billionaires in the United States, and his renewed focus on Bitcoin has reignited debate, angering some key figures in the industry.

This legendary hedge fund manager believes that Bitcoin cannot serve as a reliable store of value.

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Dalio stated that, first, Bitcoin lacks privacy, making it unsuitable as a store of value.

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Ray Dalio: Bitcoin has Failed as a Safe-Haven Asset He pointed out that transactions conducted by mainstream cryptocurrency users are easily monitored and potentially controlled. As he previously mentioned, this makes Bitcoin unattractive as a reserve asset for central banks.

The billionaire also discussed another frequently mentioned criticism of Bitcoin—that its correlation with tech stocks persists. Investors often sell off cryptocurrencies to offset declines in other assets in their portfolios.

On the other hand, gold is an asset with a high holding volume and broad market acceptance, and it remains at the core of the global financial system.

“Third, this is a relatively small and controllable market, whereas gold is unique. There is only one gold. Ultimately, gold has a wider holding base, a more stable position, and continues to play a central role in the global system,” he said.

“This is a feature, not a flaw”

Industry leaders quickly came out to defend Bitcoin. MicroStrategy founder countered criticisms regarding Bitcoin’s privacy, stating that Bitcoin’s transparency is “a feature, not a flaw.” This qualifies it as a global collateral.

This controversial Bitcoin evangelist stated that Bitcoin has consistently outperformed gold while maintaining a higher Sharpe ratio.

Bitcoin financial services firm River also highlighted Bitcoin’s practicality, viewing it as a purchasing power hedge against central bank inflation. Meanwhile, traditional gold is almost impossible to use for everyday or cross-border payments.

Analyst David LaVant believes that Bitcoin’s current market behavior merely indicates that a new commodity is undergoing a long process of monetization.

Dalio’s Moderate Allocation

According to U.Today, Dalio was once skeptical of Bitcoin, but during the strong bull run in 2021, he announced increased holdings of Bitcoin. This move was seen as a significant vote of confidence in Bitcoin, but the billionaire did not become a super fan overnight.

Dalio views this small investment as a “long-term option,” a way to hedge against macroeconomic instability.

In August 2025, Dalio continued to recommend a small allocation to cryptocurrencies, but he favors gold more.

Previously, he also cited the theoretical threat of quantum computing to explain his hesitations about adopting Bitcoin.