Dalio Questions BTC Volatility; Saylor Fires Back with Digital Capital
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Billionaire Ray Dalio said Bitcoin's volatility and correlation with the Nasdaq, along with its relatively small $1.6 trillion market cap versus gold, prevent it from functioning as a global reserve or safe‑haven and make central banks unlikely to hold it in large amounts. Michael Saylor fired back calling gold "analog capital" and Bitcoin "digital capital", fueling a high‑profile crypto debate over adoption, reserve status, and market risk.
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- Ray Dalio said BTC still has big drawbacks that keep it from being a real global reserve.
- He believes Bitcoin’s price swings make it hard for central banks to own in large amounts.
- Michael Saylor responded, calling gold “analog capital” and Bitcoin “digital capital”.
A new clash over Bitcoin’s place in global finance flared up this week after billionaire Ray Dalio cast doubt on its status as a safe-haven asset, quickly drawing a sharp reply from Michael Saylor.
Dalio said Bitcoin still has big drawbacks that keep it from being a real global reserve or safe‑haven asset.
The investor pointed out that Bitcoin moves in sync with the Nasdaq and other risky assets when markets drop. In his opinion, Bitcoin’s price swings make it hard for central banks to own in large amounts, and its $1.6 trillion market cap is tiny next to gold.
Additionally, Dali…
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