Ray Dalio thinks bitcoin is no gold, and that is exactly why bulls are buying

Hedge fund manager Ray Dalio renewed his critique of Bitcoin, stating it lacks gold's qualities because it lacks central bank backing, has limited privacy, and faces quantum computing threats due to its public ledger. However, crypto industry figures countered these arguments, viewing them as "tired narratives" from Bitcoin's early days. Analysts like Matt Hougan of Bitwise suggest that these very risks—which are already priced into Bitcoin's smaller market cap compared to gold—are precisely what make it a compelling investment, expecting developers to solve quantum risks and central banks to eventually adopt it. Others, like Alex Thorn of Galaxy, noted Bitcoin's superior real-world utility over gold, while Matthew Sigel of VanEck framed the debate as a clash between the analog monetary system (gold) and the emerging digital one (Bitcoin), noting that quantum risk is a systemic issue, not unique to crypto.

(Source：CoinDesk)