The billionaire investor and founder of the leading hedge fund, Bridgewater Associates, Ray Dalio, has once again criticized bitcoin (BTC). This time, Dalio rejected comparisons between the cryptocurrency and gold, stripping the digital asset of its safe-haven narrative. During an interview with the All-In Podcast, the Bridgewater founder insisted that BTC has not played the role of a safe-haven like gold. He accepted that bitcoin has been receiving a lot of attention as a form of money but faces long-term threats. Dalio’s comments come as financial assets react to geopolitical tensions amid the ongoing U.S.-Iran crisis. Dalio Rejects BTC Comparisons to Gold According to Dalio, there are important differentiating characteristics between bitcoin and gold. The former lacks privacy; transactions can be monitored and indirectly controlled by entities. Such qualities, in the billionaire’s opinion, would make central banks and large institutions reluctant to buy and hold it. On the other hand, these institutions are consistently buying and holding gold because the precious metal is widely considered a store of value and an inflation hedge. Dalio highlighted that the precious metal is not an asset that is speculated on, contrary to what most people have come to believe. In fact, he mentioned that gold is the most established form of money and the second-largest reserve currency held by central banks. Moreover, gold does not face the same threats as Bitcoin. Dalio mentioned growing concerns about the possible effects of quantum computing on the Bitcoin network. So, despite getting a lot of attention, especially from individuals, and being considered as alternative money, bitcoin still has a relatively small and controlled market in comparison to gold. It is worth noting that Dalio has developed some kind of love-hate relationship with BTC over the years. Once a critic, the investor began to embrace the cryptocurrency in 2021 and even gained exposure to it. Still, he believes gold is the ultimate financial asset, and BTC does not come close. Gold Hit Heavier By U.S.-Iran Conflict Despite Dalio dismissing bitcoin’s safe-haven narrative, the digital asset has performed relatively well since the U.S.-Iran conflict began. On March 3, the day Dalio made these remarks, gold lost 6% during trading hours, falling from $5,377 to $5,039, according to TradingView data. BTC, on the other hand, fell by a mere 3.7% over the same timeframe. Comparing the price movements of both assets on that day directly challenges Dalio’s statements, as gold was more affected by the very crisis it is supposed to shield investors from. The post Ray Dalio Dismisses Bitcoin’s Safe-Haven Narrative, Rejects Comparisons to Gold appeared first on CryptoPotato .
