Ray Dalio Doubts Central Banks Will Embrace Bitcoin

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Billionaire hedge fund supervisor Ray Dalio says he’s skeptical as as to if central banks will contemplate holding Bitcoin (BTC) as a reserve foreign money, citing privateness issues.

That’s as the most important crypto by market cap nears its all-time excessive (ATH) of $124,457.12 after breaking above the $120K barrier within the final 24 hours, in line with information from CoinMarketCap.

BTC price chart

BTC value chart (Supply: CoinMarketCap)

Bitcoin Blockchain Is Too Public For Central Banks, Argues Dalio

Dalio took to X and shared a clip of an interview he had on the Grasp Investor Podcast, wherein he weighed in on what position Bitcoin might have within the international monetary system.

“I doubt that any central financial institution will take it on as a reserve foreign money,” he stated.

Dalio then stated that the Bitcoin blockchain is simply too public for central banks, who may wish to maintain their transactions non-public.

He added that there’s additionally the chance that Bitcoin’s supply code will probably be altered ultimately sooner or later, which might break the blockchain and “make it much less efficient.”

I can’t say precisely how efficient Bitcoin is as a cash, but it surely’s being perceived by many as a substitute cash and so is value taking note of.
Cash must be each a medium of change and a storehold of wealth — and the latter is extra necessary.
I doubt that any… pic.twitter.com/VfAQGA8GDb
— Ray Dalio (@RayDalio) October 2, 2025

The hedge fund founder then stated that “cash must be each a medium of change and a storehold of wealth – and the latter is extra necessary.”

Dalio did, nonetheless, say that Bitcoin is “being perceived by many as a substitute cash and so is value taking note of.” He concluded his submit by saying that he does maintain some Bitcoin in his portfolio, “however not a lot.”

Dalio’s feedback comply with earlier remarks he made, when he advised that cryptocurrencies might function an “enticing various” to struggling fiat currencies.

He went on to cause that if the provision of the greenback rises or demand for the dollar falls, that buyers might find yourself turning to cryptos to guard their portfolios.

In July this yr, Dalio had additionally suggested that buyers have a 15% allocation to Bitcoin or gold, citing potential fiat foreign money devaluation dangers amid the spiraling US debt. Nevertheless, he did present a stronger choice for gold over Bitcoin, and referred to as the commodity the “purest play” for buyers that wish to protect their portfolios’ worth.

Analyst Says Bitcoin’s Transparency Is A Function, Not A Bug

Crypto analyst and writer Adam Livingston countered Dalio’s arguments and stated that the Bitcoin blockchain’s excessive ranges of transparency is a characteristic and never a flaw.

In keeping with Livingston, “Public auditability eliminates the very opacity that permit shadow banking implode in 2008.”

Hey Ray – a fast phrase about your tackle Bitcoin:
Retailer-of-value check already handed. In 16 years Bitcoin rose from zero to a 2.4 trillion-dollar asset, crushed gold and each fiat foreign money on long-term purchasing-power charts, and settles $10-plus trillion on-chain with out… https://t.co/TIPaUXnt4v
— Adam Livingston (@AdamBLiv) October 2, 2025

As regards to the shop of worth check, Livingston stated that Bitcoin has already confirmed itself as a portfolio preserver.

In his submit, he highlighted how BTC has risen from zero to a $2.4 trillion asset, including that it has “crushed gold and each fiat foreign money on long-term purchasing-power charts.” The analyst the famous that Bitcoin “settles $10-plus trillion on-chain with out bailouts or downtime.”

Livingston additionally stated that “central-bank blessing is irrelevant” in Bitcoin’s case.

“The greenback was not born contained in the Financial institution of England, and the Web didn’t want the Submit Workplace,” he wrote.

“Companies, ETFs, and a whole lot of tens of millions of people are adopting Bitcoin as a result of they select uncensorable collateral, not as a result of a committee stamped it,” Livingston added.

Governments Work In the direction of Creating Their Personal Bitcoin Reserves

Whereas Dalio argues that central banks will seemingly avoid Bitcoin as a reserve foreign money, governments throughout the globe have pushed ahead with creating their very own strategic Bitcoin reserves.

In March this yr, US President Donald Trump signed an govt order to create a “Strategic Bitcoin Reserve,” which will probably be constructed utilizing BTC that was seized by federal companies. Beneath the order, these belongings wouldn’t be bought and can be managed as reserve belongings.

US Consultant Mark Begich additionally launched a invoice proposing that the federal government purchase 1 million BTC over 5 years utilizing mechanisms which can be thought-about “finances impartial.”

El Salvador has already made Bitcoin authorized tender and has a reserve of greater than 6,102 BTC.

In the meantime, two members of the Swedish Riksdag filed a movement urging the federal government to check making a nationwide Bitcoin reserve. Much like Trump’s order, this reserve can be funded by way of seized belongings.