Bridgewater's Dalio: There is only one kind of gold in the world, and global central banks will not choose Bitcoin as a safe-haven asset

Bridgewater founder Dalio once again questions Bitcoin’s hedging capabilities in a recent interview, pointing out that gold has risen 80% while Bitcoin has fallen 25%, and central banks still prefer holding gold.
(Background: Bridgewater’s Dalio: “U.S. debt crisis is imminent, should allocate 15% of assets to ‘gold and Bitcoin’”)
(Additional context: Dalio on dollar decline: “Gold is indeed safer”: I feel the market is bubble-like)

The world’s largest hedge fund, Bridgewater Associates, founder Ray Dalio, stated again on the 3rd in the “All-In Podcast” that Bitcoin has yet to demonstrate the digital hedging value that gold provides. He emphasized:

There is only one gold in the world.

Dalio pointed out that since the last discussion, gold has risen 80%, currently trading at a historic high of about $5,280 per ounce; meanwhile, Bitcoin has fallen 25%. This contrast highlights that, amid recent geopolitical turmoil, Bitcoin has not fulfilled its expected role as “digital gold” for hedging. (As of press time, gold was around $5,180, Bitcoin about $68,390.)

Why don’t central banks choose Bitcoin?

Dalio raised three core concerns about Bitcoin. First is insufficient privacy protection—all Bitcoin transactions are traceable, making them susceptible to government monitoring and regulation. Second is the potential threat of quantum computing; he expressed concerns that new technologies could crack Bitcoin’s encryption, raising security uncertainties.

The third and most critical point: lack of backing from central banks. Dalio pointed out that gold is the second-largest reserve asset held by central banks worldwide (after the US dollar). Countries like China, Russia, and India are accumulating large amounts of gold to hedge against sanctions.

In terms of market size, Dalio also believes Bitcoin’s market is relatively small and easily manipulated. In contrast, gold is the “most mature currency,” and since the dollar decoupled in 1971, gold’s purchasing power has increased 150-fold, making it the best tool to counter debt crises.

Investment allocation suggestion: 10-15% in gold

Dalio recommends that investors allocate 10-15% of their portfolios to gold amid current debt cycles and war risks. He admits that Bitcoin has demonstrated liquidity advantages in certain scenarios (such as Iran bank failures), but from a sovereignty and long-term value storage perspective, Bitcoin cannot shake gold’s position.

Of course, Dalio’s views acknowledge current realities, but over the long term, Bitcoin’s performance has far outstripped gold.

While he worries about Bitcoin’s lack of central bank backing, this is precisely Bitcoin’s core advantage: it is a non-sovereign asset that does not rely on government credit. In today’s highly fractured geopolitical landscape of 2026, its cross-border transferability and resistance to censorship far surpass the cumbersome, easily confiscated physical gold.

At the same time, as an evolution of a “software protocol,” Bitcoin can adapt to quantum threats through developer and miner consensus updates. This resilience is key to why BTC is becoming the preferred store of value for the new generation.