Bridgewater Associates founder Ray Dalio appeared on the July 27 episode of The Master Investor Podcast with Wilfred Frost to discuss asset allocation amid rising debt and currency devaluation. He focused part of the conversation on bitcoin, highlighting BTC as a valuable hedge with growing relevance in today’s economic landscape.

Dalio argued that fiat currencies are entering a period of structural decline, similar to the 1930s and 1970s, which could increase the appeal of hard assets. Asked directly: “Is bitcoin a legitimate currency to hold in that environment?” Dalio described bitcoin as “a medium of exchange and a storehold of wealth,” emphasizing “most importantly” its function as a storehold of wealth. Offering guidance on allocation strategy, Dalio said:

If you were neutral on everything, in other words, you didn’t have a point of view and you were optimizing your portfolio for the best return to risk ratio, you would have about 15% of your money in gold or bitcoin.

The legendary investor clarified: “I strongly prefer gold to bitcoin, but that’s up to you.” While critics highlight bitcoin’s volatility and regulatory exposure, supporters point to its decentralized nature and limited supply as potential defenses against fiat currency erosion.

Dalio noted that while he sees merit in holding bitcoin, he remains cautious about its role compared to gold. “Bitcoin is perceived by many as a money,” the Bridgewater Associates founder stated, but he questioned its potential as a reserve currency due to transparency concerns and the lack of transactional privacy. He revealed:

My own approach is in my portfolio I have gold and I have some bitcoin but not much.

The Bridgewater Associates founder also stressed historical context, noting that in prior periods of excess debt and geopolitical instability, currencies lost value in tandem and alternative stores of value became critical.

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