That matters because Dalio\u2019s broader framework in the interview was built around debt stress, monetary debasement and the search for what he sees as politically neutral reserve assets. In that setup, gold remains the benchmark<\/a>. He described it not as a speculative commodity, but as \u201cthe most established money\u201d and \u201cthe second largest reserve currency that central banks hold,\u201d arguing that its role is rooted in transferability, scarcity and the fact that it is not someone else\u2019s liability.<\/p>\n Bitcoin, in Dalio\u2019s telling, still looks different. Beyond privacy, he flagged technological uncertainty and the nature of its investor base. \u201cThere have been some questions or thoughts of the development of new technologies like quantum computing<\/a> and so on. Can there be issues regarding that,\u201d he said. \u201cAnd then there\u2019s who owns it and what are the other exposures that they have in their portfolio? It tends to have a pretty high correlation with the tech stocks.\u201d<\/p>\n That last point goes to Dalio\u2019s bigger criticism: Bitcoin may be treated as an alternative monetary asset in theory, but in practice it still trades like a risk asset. \u201cIf somebody gets squeezed in one thing, they sell something, whatever else they have,\u201d he said, arguing that Bitcoin\u2019s supply-demand dynamics are shaped by cross-portfolio stress in a way golds are not. He also called it \u201ca relatively small market\u201d and, for that reason, \u201ca relatively controllable market.\u201d<\/p>\n Ray Dalio SLAMS Bitcoin!!<\/p>\n \u201cBitcoin does not have privacy.\u201d What do you think? pic.twitter.com\/NdleeHR5lB<\/a><\/p>\n \u2014 Altcoin Daily (@AltcoinDaily) March 3, 2026<\/a><\/p>\n<\/blockquote>\n The remarks quickly drew pushback from Bitcoin advocates on X, where the debate centered less on Dalio\u2019s macro framing than on whether he was underestimating Bitcoin\u2019s long-term trajectory. Investor Vijay Boyapati argued<\/a> that Dalio \u201cdoesn\u2019t fully understand why central banks own gold,\u201d saying those holdings exist partly as protection against the possibility that gold competes with sovereign currencies.<\/p>\n \u201cOnce Bitcoin achieves the same scale as gold (it will over time based on its significant comparative advantages over gold) central banks will be forced to own it for the same reason they own golf. Without ownership their national currency becomes vulnerable to a speculative attack from Bitcoin,\u201d he added.<\/p>\n Bitwise CIO Matt Hougan took<\/a> a more market-oriented angle: \u201cSome hear criticism; I hear opportunity. These are the reasons bitcoin is 4% of the size of gold. If these critiques did not exist, bitcoin would already be ~$750,000\/coin. I invest in bitcoin in part because I am confident these things will change over time.\u201d<\/p>\n Abra CEO Bill Barhydt argued that Bitcoin\u2019s volatility and smaller float are features of a younger monetary asset, not proof of failure, while also disputing the severity of Dalio\u2019s quantum concerns.<\/p>\n I\u2019d like to address this conversation between two people I greatly admire (@friedberg<\/a> and @RayDalio<\/a>) as both fellow libertarians and macro experts i try to learn from. The conversation in the video is about bitcoin but I\u2019ve extended it to be about bitcoin vs gold. Note that\u2026 https:\/\/t.co\/atznXiMdTy<\/a><\/p>\n\n
\n\u201cCentral banks are not gonna wanna buy Bitcoin.\u201d
\n\u201cQuantum computing\u201d
\n\u201cWho owns it?\u201d<\/p>\nBitcoin Community Reacts<\/h2>\n
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![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/03\/BTCUSDT_2026-03-04_09-10-33.png?resize=1024%2C502\")
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