From the Desk of Anthony Pompliano Ray Dalio Is Completely Wrong About Bitcoin (My Response)
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Mar 4, 2026 A spirited rebuttal to Ray Dalio’s negative take on Bitcoin using fresh data and recent market developments. Discussion of sovereign and corporate crypto adoption and protocol upgrades that challenge old assumptions. A detour into Alex Karp’s warning about possible government intervention in AI. A profile of a new investor betting big on AGI and what that might mean for markets.
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Dalio's Bitcoin View Is Frozen In Time
- Ray Dalio's Bitcoin critique is based on outdated assumptions from before ETFs, institutional flows, and major tech upgrades.
- Anthony Pompliano lists modern data: $95B ETF AUM, 193 public companies holding BTC, rising hash rate, and sovereign tests as counterpoints.
Bitcoin Trades Like A Short Term Risk Asset
- Bitcoin behaves like a risk asset in the short term and often sells off in liquidity stress before investors reassess.
- Pompliano agrees with Dalio that BTC's correlation with tech remains elevated and it acts as a liquidity gauge in crises.
Gold Still Holds A Lindy Advantage
- Gold retains a deep Lindy advantage with millennia of societal trust, lower volatility, and broader acceptance.
- Pompliano cites gold's 5,000-year store-of-value status and compares volatility: gold ~15.5% vs Bitcoin ~52% annualized.