Ray Dalio says Bitcoin fails as a safe haven due to lack of privacy and market size.

Ray Dalio, a prominent hedge fund manager, criticized Bitcoin's ability to serve as a safe haven asset, citing its lack of privacy and transparency of transactions, which makes it unattractive for central banks. He also pointed out Bitcoin's correlation with tech stocks, reducing its effectiveness as a store of value compared to gold, which is widely held and established in the global financial system. Despite this, Dalio maintains a modest Bitcoin allocation as a hedge against macroeconomic risks but prefers gold. Industry leaders defend Bitcoin's transparency as a feature and highlight its utility against inflation and for payments, suggesting Bitcoin is still in a monetization phase.