Ray Dalio, founder of Bridgewater Associates, has increased his recommended portfolio allocation for Bitcoin and gold from 1-2% to 15%, citing concerns over the US national debt, which has surpassed $37 trillion. Speaking on the Master Investor Podcast on July 27, 2025, Dalio highlighted the 'debt loom loop' in the US economy and the projected $12 trillion in new Treasury issuance over the next year as factors that could drive capital inflows into cryptocurrencies. Despite his personal investment in Bitcoin, Dalio remains cautious, preferring gold over Bitcoin due to concerns about surveillance risks and blockchain transparency. He advises investors to determine their own mix of Bitcoin and gold, reflecting his flexible approach to portfolio management.