Ray Dalio cast fresh doubt on Bitcoin’s claim to safe-haven status on Tuesday, 
arguing that the asset still falls short of gold on privacy, institutional 
suitability and market structure. In a March 3 appearance on the All-In 
podcast, the billionaire hedge fund founder said those weaknesses help explain 
why Bitcoin has not behaved like gold during the current macro cycle. Asked 
why Bitcoin has lagged while gold has surged, Dalio pointed first to 
surveillance and control. “Bitcoin does not have privacy. Any transactions can 
be monitored and then indirectly perhaps controlled,” he said. He then drew a 
line from that feature to state-level adoption. “Central banks are not going 
to want to buy bitcoin and be able to hold it. So, it’s not just individuals, 
it’s institutions and so on, but most, you know, and central banks.” That 
matters because Dalio’s 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. 
He described it not as a speculative commodity, but as “the most established 
money” and “the second largest reserve currency that central banks hold,” 
arguing that its role is rooted in transferability, scarcity and the fact that 
it is not someone else’s liability. Related Reading: Bitcoin To $11 Million By 
2036? This AI-Deflation Thesis Is Turning Heads Bitcoin, in Dalio’s telling, 
still looks different. Beyond privacy, he flagged technological uncertainty 
and the nature of its investor base. “There have been some questions or 
thoughts of the development of new technologies like quantum computing and so 
on. Can there be issues regarding that,” he said. “And then there’s 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.” That last point 
goes to Dalio’s bigger criticism: Bitcoin may be treated as an alternative 
monetary asset in theory, but in practice it still trades like a risk asset. 
“If somebody gets squeezed in one thing, they sell something, whatever else 
they have,” he said, arguing that Bitcoin’s supply-demand dynamics are shaped 
by cross-portfolio stress in a way golds are not. He also called it “a 
relatively small market” and, for that reason, “a relatively controllable 
market.” Ray Dalio SLAMS Bitcoin!! “Bitcoin does not have privacy.” “Central 
banks are not gonna wanna buy Bitcoin.” “Quantum computing” “Who owns it?” 
What do you think? pic.twitter.com/NdleeHR5lB — Altcoin Daily (@AltcoinDaily) 
March 3, 2026 Bitcoin Community Reacts The remarks quickly drew pushback from 
Bitcoin advocates on X, where the debate centered less on Dalio’s macro 
framing than on whether he was underestimating Bitcoin’s long-term trajectory. 
Investor Vijay Boyapati argued that Dalio “doesn’t fully understand why 
central banks own gold,” saying those holdings exist partly as protection 
against the possibility that gold competes with sovereign currencies. Related 
Reading: Bitcoin LTH Selling Cools: Is Months-Long Distribution Finally 
Ending? “Once 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,” he 
added. Bitwise CIO Matt Hougan took a more market-oriented angle: “Some 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.” Abra CEO Bill Barhydt argued that Bitcoin’s 
volatility and smaller float are features of a younger monetary asset, not 
proof of failure, while also disputing the severity of Dalio’s quantum 
concerns. I&#8217;d like to address this conversation between two people I greatly 
admire (@friedberg and @RayDalio) as both fellow libertarians and macro 
experts i try to learn from. The conversation in the video is about bitcoin 
but I&#8217;ve extended it to be about bitcoin vs gold. Note that… 
https://t.co/atznXiMdTy — Bill Barhydt (@billbar) March 3, 2026 Zcash founder 
Zooko Wilcox, meanwhile, responded with a one-line jab: “I’m looking forward 
to Ray Dalio finding out about Zcash.” At press time, BTC traded at $69,660. 
Featured image from YouTube, chart from TradingView.com

Ray Dalio Slams Bitcoin: Privacy Risks, Control Fears, And The Quantum Question

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