Ray Dalio, billionaire hedge fund manager and bitcoin investor, has highlighted Bitcoin's transparency as a key reason central banks are unlikely to adopt it as a reserve asset. Dalio noted that Bitcoin's public ledger allows transactions to be monitored and potentially controlled, which deters central banks from holding it. Despite Bitcoin's appeal to corporations and institutional investors, its lack of privacy remains a concern. Dalio also pointed out structural issues that limit Bitcoin's appeal compared to traditional reserve assets like gold. He emphasized Bitcoin's high correlation with Wall Street's tech-heavy Nasdaq index, suggesting it behaves more like a risk-on asset rather than an independent store of value. Additionally, Dalio noted Bitcoin's relatively small market size and susceptibility to influence, contrasting it with gold's established role in the global financial system.