Ray Dalio Says Bitcoin Falls Short as Safe Haven; Saylor Fires Back on Transparency

A debate over Bitcoin's role as a safe-haven asset has resurfaced among two prominent investors.

On May 11, Bridgewater Associates founder Ray Dalio wrote on X that while Bitcoin has drawn broad attention, it has not met expectations as a safe-haven asset comparable to gold.

Dalio cited limited privacy as one reason. He wrote that Bitcoin transactions can be traced and potentially controlled, which is why central banks do not adopt it as a reserve asset.

Michael Saylor, executive chairman of Strategy, pushed back.

"Gold is an analog asset and Bitcoin is a digital asset," Saylor wrote. "Transparency is not a flaw but a feature." He added that Bitcoin is well suited to serve as global collateral.

Saylor also argued that since Strategy adopted the Bitcoin standard in August 2020, Bitcoin has outperformed gold with a higher Sharpe ratio.