Billionaire investor Ray Dalio has expressed skepticism about Bitcoin's potential to replace gold as a dominant reserve asset. Speaking on the All-In Podcast, Dalio highlighted gold's unique position in the global financial system, citing its historical role and central bank reserves. He argued that Bitcoin, despite its growth, faces structural limitations such as regulatory concerns, technological risks, and its status as a risk asset correlated with tech stocks. Dalio emphasized that gold's scale, history, and widespread central bank ownership underpin its stability and credibility as a reserve asset. He noted that gold is not reliant on counterparty promises and cannot be printed, unlike most modern debt-based money. Gold's ability to serve as a medium of exchange and store of value, along with its limited supply, reinforces its role as a neutral reserve asset, especially during monetary and geopolitical uncertainties.