Những mối lo ngại về Bitcoin trong mắt Ray Dalio: Tại sao nhà đầu tư huyền thoại này lại không nhiệt tình với tài sản kỹ thuật số như mong đợi

Legendary investor Ray Dalio recently revealed in an interview with Zerodha co-founder Nikhil Kamath that, although he holds a small amount of Bitcoin, such digital assets are far less attractive in his asset allocation compared to traditional gold. These remarks have once again sparked industry discussions on the feasibility of cryptocurrencies as a store of value.

Ray Dalio’s Core Concerns About Bitcoin

As the founder of the world’s leading investment firm Bridgewater Associates, Ray Dalio’s investment views have always been highly influential. He pointed out that the main issue with Bitcoin lies in its transparent public ledger feature. “All transactions can be tracked, whether by individuals or governments, they can monitor the flow of these transactions,” Dalio explained, “and governments can even intervene in these transactions as needed.”

This stands in stark contrast to his view of gold. In Dalio’s opinion, gold is superior to Bitcoin precisely because it cannot be controlled or interfered with by governments—once you own physical gold, the influence of the government ceases.

Central Bank Adoption as an Important Reference

Dalio mentioned that although the Czech National Bank became the first central bank to purchase Bitcoin last month, the $1 million digital asset investment was kept separate from the bank’s official reserves. This move should be seen as a signal of recognition for crypto assets, but it also hints at the cautious attitude of central banks towards Bitcoin—they have not yet incorporated it into official reserve assets.

“Due to these issues, Bitcoin is unlikely to be held on a large scale by central banks and many other institutions,” Dalio stated, “because although its supply is limited, there are many restrictions in practical applications.”

Dual Considerations of Security and Risks

Beyond issues of monitoring and control, Ray Dalio also expressed concerns about the security of the Bitcoin network. He mentioned quantum risks and the possibility of protocols being cracked, although these risks remain controversial within the tech community.

In contrast, gold has a history of over 6000 years of testing and has proven to be a reliable store of value and inflation hedge. It does not face quantum computing risks, which is a significant advantage over emerging digital assets.

Counterarguments from Bitcoin Supporters

The Bitcoin community, however, offers different perspectives on these criticisms. Supporters point out that Bitcoin, as the most powerful holding asset, allows users to remember just a 12-word security phrase to access and transfer funds anywhere in the world at any time. This portability and accessibility are difficult for traditional gold to match.

It is worth noting that since its launch in 2009, Bitcoin has maintained over 16 years of 99.98% uptime, reaching 100% reliability standards since 2013. The network has never experienced a protocol-level successful hacking attack, making it a leader in security among decentralized systems.

Government Intervention: History and Reality

Interestingly, the argument Dalio emphasizes—that “gold cannot be interfered with by governments”—has flaws in history. The U.S. government confiscated large amounts of private gold in 1933 through Executive Order 6102; similarly, Bitcoin has been seized in criminal investigations, including $15 billion worth of crypto assets confiscated in 2025. These examples show that no asset is entirely immune from potential government intervention.

Today, governments have developed more indirect ways of intervention, such as requiring crypto companies to implement KYC/AML rules, freezing specific accounts, and blocking transactions with sanctioned entities to achieve regulatory goals.

Conclusion

Dalio’s cautious attitude as a seasoned investor reflects the ideological differences between traditional finance and emerging assets. While he remains bearish on fiat currencies and holds a small amount of Bitcoin as diversification, his views also highlight the challenges that crypto assets must overcome before gaining widespread recognition as reserve assets. The comparison between gold and Bitcoin may continue to be a significant topic in the investment community for a long time.