Ray Dalio says Bitcoin's transparency limits central banks from adopting it as a reserve asset in 2026.

Billionaire investor Ray Dalio argues that Bitcoin's transparency, which allows transactions to be tracked on a public blockchain, creates privacy concerns that deter central banks from adopting it as a reserve asset. Despite growing interest from institutions, Dalio believes Bitcoin lacks features needed for sovereign adoption and highlights its high correlation with tech stocks as a weakness. He favors gold over Bitcoin for long-term reserves due to gold's established role and integration in the global financial system. This debate on blockchain privacy is intensifying as institutional adoption grows, boosting interest in privacy-focused cryptocurrencies like Zcash.