Ray Dalio questions Bitcoin safe-haven role as Saylor fires back
Bridgewater Associates founder Ray Dalio said Bitcoin has not acted as the safe-haven asset many investors expected. Ray Dalio said Bitcoin lacks privacy because transactions can be monitored and possibly controlled.Dalio argued investors often sell Bitcoin during market stress to raise liquidity elsewhere.Michael Saylor pushed back, calling gold analog capital and Bitcoin digital capital for collateral. In a May 11 post, he said Bitcoin gets heavy attention but has fallen short when compared with gold during market stress. Dalio pointed to three issues. He said Bitcoin lacks privacy, trades with a strong link to tech stocks, and remains small compared with gold. He also said gold has a deeper role in the global financial system. Privacy remains a key concern Dalio wrote, “First, Bitcoin lacks privacy.” He added that transactions can be monitored and potentially controlled. In his view, that makes Bitcoin less attractive to central banks as a reserve asset. Bitcoins public ledger is part of its design. All confirmed transactions are recorded on a shared blockchain, allowing the network to verify ownership and spending without a central authority. That structure supports transparency, but it also creates the privacy concern Dalio raised. Moreover, Dalio also said Bitcoin has not behaved like gold during stress periods.









