What I Think of Bitcoin

Bridgewater

Ray Dalio

Research

17 Pages

Bridgewater Associates examines whether Bitcoin can evolve from a speculative asset into a credible alternative store of wealth. Its scarcity and portability support the digital gold case, but volatility, regulatory uncertainty, and limited institutional liquidity leave its long term role unresolved despite growing adoption.

Key Takeaways

Scarcity Supports Case: Bitcoin’s supply is capped at 21 million coins, with roughly 90% already mined and future issuance continuing to slow.
Institutional Capacity Limited: Bitcoin’s estimated market capacity was only about 10% of the tradable gold market, highlighting liquidity constraints for larger institutional allocations.
Regulation Cuts Both Ways: China’s 2017 ICO ban triggered an immediate 8% Bitcoin decline, illustrating how policy changes can materially influence adoption and pricing.
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