Ray Dalio: ‘There Is Only One Gold’—And It’s Not Bitcoin
Bridgewater Associates founder Ray Dalio pointed out why gold climbed 80% to $5,200 per ounce while Bitcoin (CRYPTO: BTC) fell 25%, argued central banks won’t buy Bitcoin due to privacy and controllability issues.
The Central Bank Gold Rush
Gold is the second largest reserve country currency that central banks hold, not a speculative precious metal.
Central banks have acquired gold to build reserves for economic, political, and geopolitical reasons.
“Gold is the only asset that can be transferred from one place to another, they can’t print a lot of it, and it is not dependent on somebody giving you something,” Dalio said on the All-In podcast on Tuesday.
Most money involves holding a promise from somebody to give you buying power. Gold requires no such promise.
The price increase brought gold from an extremely small allocation to something approaching …
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