Ray Dalio Calls Bitcoin a Diversifier Like Gold, Warns Stablecoins Aren’t Effective Wealth Storage

Ray Dalio, founder of Bridgewater Associates, told Caixin that he has held a small allocation to Bitcoin for years and has not adjusted that position. He characterises Bitcoin as a portfolio diversification asset akin to gold, while noting a structural limitation: sovereign central banks are unlikely to adopt it as a reserve asset.

On stablecoins, Dalio argued they are ill-suited as a long‑term wealth store because they are redeemable for corresponding fiat and do not inherently generate yield. From a risk‑adjusted perspective, he prefers interest‑bearing fiat instruments for capital preservation, whereas stablecoins provide transactional efficiency and cross‑border settlement convenience.

Regarding demand for U.S. Treasury bonds, Dalio observed that if stablecoin buyers hold Treasuries themselves, the effect is primarily a reallocation rather than obvious net new demand, leaving the net impact on Treasury markets an open empirical question.