Ray Dalio critiques Bitcoin’s safe-haven status, favors gold

Ray Dalio, founder of Bridgewater Associates, has criticized Bitcoin's status as a safe-haven asset, citing three main reasons. Firstly, Bitcoin's performance in Q1 2026, where it dropped 20% while gold remained stable, indicates it behaves more like a tech stock and a leveraged bet on risk appetite rather than a store of value. Secondly, Bitcoin's market capitalization of approximately $1.2 trillion is significantly smaller than gold's $15 trillion, making it unsuitable for central banks managing large reserves due to liquidity constraints. Lastly, Dalio points to Bitcoin's transparency, where transactions are easily monitored, as a weakness for entities seeking to shield assets from geopolitical adversaries, contrasting it with gold's privacy. While Bitcoin proponents like Michael Saylor highlight its risk-adjusted returns and suggest its correlation with tech stocks is temporary, Dalio's critique suggests that investors allocating to Bitcoin as a hedge may face significant risks, and its transparency could limit institutional adoption by central banks.

(Source：Crypto Briefing)