Ray Dalio Slams Bitcoin: Privacy Risks, Control | Crypto News
Ray Dalio solid contemporary doubt on Bitcoin’s declare to safe-haven standing on Tuesday, arguing that the asset still falls short of gold on privateness, institutional suitability and market construction. In a March 3 look on the All-In podcast, the billionaire hedge fund founder said those weaknesses help clarify 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 characteristic 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 issues because Dalio’s broader framework in the interview was constructed around debt stress, financial debasement and the search for what he sees as politically impartial reserve belongings. In that setup, gold stays 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 position is rooted in transferability, shortage and the fact that it’s not another person’s legal responsibility.
Bitcoin, in Dalio’s telling, still seems to be different. Beyond privateness, he flagged technological uncertainty and the character 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 level goes to Dalio’s greater criticism: Bitcoin could also be handled as an various financial asset in principle, but in follow 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 formed by cross-portfolio stress in a method golds should not. He also called it “a relatively small market” and, for that purpose, “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 suppose? pic.twitter.com/NdleeHR5lB
— Altcoin Daily (@AltcoinDaily) March 3, 2026
Bitcoin Community Reacts
The remarks rapidly drew pushback from Bitcoin advocates on X, where the controversy centered less on Dalio’s macro framing than on whether or not 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 safety against the likelihood that gold competes with sovereign currencies.
“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 options of a youthful financial asset, not proof of failure, while also disputing the severity of Dalio’s quantum issues.
I’d like to handle this dialog between two people I tremendously admire (@friedberg and @RayDalio) as both fellow libertarians and macro consultants i strive to study from. The dialog in the video is about bitcoin but I’ve prolonged 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.
Stay up to date with the latest trending crypto news! Visit our web site daily for the freshest Crypto news and content, rigorously curated to keep you informed.
