Ray Dalio Says Bitcoin Lacks Central Bank Support as Gold Outperforms in Reserve Role

Ray Dalio questioned Bitcoin's long-term role as a safe haven during a recent All-In Podcast discussion, saying central banks continue to favor gold as a core reserve asset while showing little interest in holding digital assets, SwanDesk reported on March 4, 2026. He argued that Bitcoin still trades like a risk asset that often moves with technology stocks, and warned that limited transaction privacy and potential quantum computing advances could challenge the network's cryptographic security. Dalio contrasted Bitcoin's recent market performance with gold, noting that a wider crypto market crash erased nearly $20 billion in leveraged positions and pushed Bitcoin down more than 45% from its October peak to about $68,420, while gold gained over 30% in the same period and approached $5,120 amid rising global uncertainty. Despite his skepticism, he has previously advocated a roughly 15% portfolio allocation split between Bitcoin and gold as a way to balance risk and return against growing US debt levels and long-term currency debasement.