Ray Dalio Says ‘There Is Only One Gold’ as Bitcoin Outperforms Amid Geopolitical Crisis

Ray Dalio, founder of Bridgewater Associates, argued on the All-In Podcast that bitcoin should not be compared to gold, citing its lack of central bank backing, limited privacy, and potential vulnerability to quantum computing. “There is only one gold,” Dalio said, describing gold as the most established monetary asset and a primary reserve held by central banks.

Despite his critique, Dalio maintains a small exposure to bitcoin, holding approximately 1% of his portfolio in the cryptocurrency, and has previously suggested a combined 15% allocation to gold or bitcoin as a diversification strategy.

Bitcoin Shows Relative Stability During US-Iran Conflict

Dalio’s comments came during heightened market turbulence following the U.S.-Iran conflict. On the same day, gold dropped about 3% to $5,128 per ounce, while bitcoin declined less than 1% to roughly $68,700. Over the week, both assets displayed volatility, but bitcoin’s price movements were comparatively muted, challenging Dalio’s assertion that gold is the singular safe-haven during crises.

Analysts note that while gold rallied initially after the first strikes, it gave back gains as oil market disruptions became the dominant concern. Bitcoin’s behavior selling off on initial strikes, bouncing after Iran Supreme Leader Khamenei’s death, and stabilizing in the mid-$67,000 range demonstrates that both assets remain subject to short-term market pressures rather than acting as perfect crisis hedges.

Dalio continues to view bitcoin as a diversification tool rather than a replacement for traditional monetary assets, while the market debates the evolving role of cryptocurrencies amid geopolitical uncertainty.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.