Ray Dalio Still Prefers Gold Over Bitcoin

Ray Dalio, co-chief investment officer of Bridgewater Associates, one of the world’s largest hedge funds, owns some Bitcoin, but in an interview with CNBC today he demonstrated that he doesn’t understand or believe in it as a superior store of value to gold.

“If you put a gun to my head, and you said, ‘I can only have one,’” Dalio said in the interview, “I would choose gold.”

After years of brushing off and actively doubting Bitcoin, the 72-year-old revealed in May that he owns an undisclosed amount of it:

“I own a very small amount of bitcoin. I’m not a big owner,” Dalio told CNBC. He went on to explain Bitcoin as an asset “that you want to own to diversify the portfolio.” In the same breath he noted that “bitcoin is something like a digital gold.”

Despite Dalio’s comparison of Bitcoin to digital gold, over that last year, Bridgewater invested more than $400 million into gold, which has long been considered a store of value.

According to CNBC, in 2019 Dalio wrote on LinkedIn that “adding gold can help balance one’s portfolio because it is both risk-reducing and return-enhancing.”