Steps forward into the Great Ajar-Clock Auditorium, Ray Dalio of Bridgewater Associates, and owner of one of the largest pools of gold anywhere (except maybe dwarvish armories), makes a revelation sharper than a scimitar about Bitcoin-with its ballet of digits acting as money: vulnerable thanks to its own codebase, much like a story by Ankh-Morpork City Watch on a good day.
Bridgewater Associates’ Ray Dalio on Bitcoin’s Code: A Dance of Opportunity and Danger
Ray Dalio, not just your ordinary hedge fund wizard (with a trophy cabinet as big as the Patrician’s Council Chamber), has tossed his hat into the Bitcoin ring, declaring its role as money and hinting about the charming chinks-the code vulnerabilities-that it defies being robust in that role.
On the Master Investor Podcast-a place where discussions are more heated than a dwarven tavern on a particularly honest day-Dalio mused over Bitcoin’s status as money, juxtaposed with the wobbling pedestal of the dollar and fiat favors. Its vulnerabilities? Oh, there are quite a few, despite still playing pretend as legitimate currency.
Dalio points out that while Bitcoin might cut an impressive figure as a medium of exchange, under the current spotlight, it’s really living its best life as a gloriously cluttered store of wealth. Ah, the wonderful duality of Bitcoin-sometimes money, sometimes cult statue!
“It’s limited in supply, dances effortlessly globally, you can shuffle it around,” Dalio opined, nodding appreciatively. “It’s got a few of the moves.”
However, he remained savvy to its limitations. “I wouldn’t bet my bottom button that any central bank will embrace it as a reserve currency-that’s because anyone, even governments, can spot a ruffian transacting on it. No disguises here!”
The code, he asserted with the sly grudging admiration characteristic of someone who has bitten into a fruity ZOG, was Bitcoin’s greatest weak spot. “There’s an itch of suspicion that the code might be nudged into submission by governments-or worse-a clever gremlin with a grudge.”
Such thoughts were bandied about as Dalio said: “Wonder if the code holds up, like a bad zipper? Can it be tweaked, constrained? Think smartly, find ways to make it less effective. Government inclination towards control much?”
However, it’s worth noting that in his vast arsenal of non-bank-bs making investments, Dalio claims to own both gold and Bitcoin, though he concedes that his ownership of Bitcoin is “not enough to fund a new chapter of Discworld poetry” 😅.
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2025-10-04 03:27