Ray Dalio says ‘there is only one gold’ even as bitcoin holds up better during Iran crisis

CoinDesk

by Shaurya Malwa

March 4, 2026

AI-Generated Deep Dive Summary

Ray Dalio, founder of Bridgewater Associates, has dismissed Bitcoin's status as a safe-haven asset during the recent geopolitical tensions with Iran. In an interview on the All-In Podcast, Dalio argued that Bitcoin lacks the central bank support and privacy features that make gold a superior store of value. He emphasized, "There is only one gold," highlighting its established role as a reserve currency and its ability to withstand crises. However, the timing of his remarks came during a week where gold prices fell 3%, while Bitcoin's decline was less severe at just under 1%. This performance challenge undermines Dalio's broader argument about Bitcoin's reliability compared to gold. The divergence between Bitcoin and gold has been notable since October, with gold rallying over 30% to reach $5,100, while Bitcoin dropped by more than 45% from its peak. This decoupling suggests that the two assets are not behaving as traditional safe havens in tandem. During the Iran crisis, both assets showed volatility, but Bitcoin's relative stability compared to gold complicates Dalio's narrative. While Bitcoin has historically faced challenges like transparency issues and potential risks from quantum computing, it has demonstrated resilience during periods of market uncertainty. Dalio is not entirely bearish on Bitcoin, holding a small percentage in his portfolio for diversification purposes. He previously recommended a 15% allocation to either Bitcoin or gold, citing their unique benefits. However, his comments reflect a broader debate among investors about whether Bitcoin can challenge gold's dominance as the ultimate safe asset. This week's market movements highlight the ongoing uncertainty surrounding both assets' roles in crisis scenarios. For readers interested in crypto and finance, this discussion matters because it raises critical questions about the future of digital currencies versus traditional safe-haven assets. As geopolitical tensions rise and markets

Verticals

cryptofinance

Originally published on CoinDesk on 3/4/2026