Bridgewater Associates founder Ray Dalio has revealed that he maintains approximately 1% of his investment portfolio in Bitcoin, while continuing to favor gold as his primary hard-money asset.

Speaking on "The Diary of a CEO" podcast on July 30, Dalio described Bitcoin as a form of money that cannot be printed, placing it in the category of assets that governments cannot create through monetary policy. However, he reiterated his preference for gold, citing concerns related to technology, government oversight, and the likelihood of central bank adoption of digital assets.

Dalio's stance reflects his long-held concerns about currency debasement and sovereign debt cycles, themes he explored in his 2021 book Principles for Dealing with the Changing World Order. His positioning on Bitcoin has evolved notably since 2017, when he publicly called the cryptocurrency a bubble; he later acknowledged he might be missing something about its value proposition.

Limited Bitcoin Exposure

Dalio noted that many investors could reasonably allocate between 5% and 15% of their portfolios to hard-money assets. Within that allocation, he said he would choose physical gold over Bitcoin.

He explained that gold appeals to him because investors can hold it directly, and it functions as a financial asset that does not depend on another party's obligation. Bitcoin, while sharing the characteristic of being unprintable, carries additional risks that make it less desirable in his assessment.

His comments come against a backdrop of accelerating institutional engagement with Bitcoin, including the launch of U.S. spot Bitcoin exchange-traded funds in January 2024, which brought significant traditional-finance capital into the asset class. Dalio's comparatively cautious allocation underscores the range of perspectives among prominent macro investors.

Risk Factors Behind the Gold Preference

Dalio acknowledged that Bitcoin and gold share several attributes, particularly the fact that neither can be produced through monetary expansion. However, he argued that emerging technological developments could pose long-term risks to the cryptocurrency.

He specifically identified quantum computing as a potential challenge. Additionally, he pointed out that governments possess the ability to monitor Bitcoin transactions and can impose taxes or restrictions on digital assets. These factors, according to Dalio, make Bitcoin less attractive than physical gold during periods of monetary or geopolitical uncertainty.

Central Banks Unlikely to Adopt Bitcoin Reserves

Dalio also made the case that central banks are improbable candidates for holding significant Bitcoin reserves. He stated that monetary authorities generally favor assets that permit private transactions and remain under their direct control.

To illustrate this point, Dalio referenced Russia's experience with international sanctions, noting that while other financial assets were frozen, physical gold remained beyond foreign control.

Dalio had previously disclosed a similar Bitcoin allocation during an interview in November 2025. In his latest podcast appearance, he confirmed that Bitcoin still forms part of his portfolio but reaffirmed that gold remains his preferred hard-money asset due to its historical role, physical ownership characteristics, and resistance to external control.