Overview
- On the March 3 All‑In Podcast, Ray Dalio said investors should stop comparing bitcoin to gold, asserting “there is only one gold.”
- Dalio argued bitcoin lacks central‑bank support, offers limited privacy on a public ledger, faces potential quantum‑security threats, and trades like a risk asset.
- During the latest U.S.-Iran conflict session, gold fell about 3% while bitcoin slipped less than 1%, a one‑day move that complicated simple safe‑haven claims.
- Since October, bitcoin has dropped more than 45% from its peak as gold has climbed roughly 30% to around $5,120, underscoring a sharp divergence.
- Dalio said he holds about 1% of his portfolio in bitcoin for diversification, previously floated a combined ~15% allocation to bitcoin or gold, and recently urged a 5–15% gold allocation.
- Crypto industry figures including Vijay Boyapati, Matt Hougan, Bill Barhydt, and Zooko Wilcox publicly disputed Dalio’s conclusions, pointing to evolving adoption and market structure.