In a recent post on X, hedge fund billionaire Ray Dalio criticized the Financial Times for publishing what he called “mischaracterizations of what I said” about the U.S. economic landscape. To clarify his views, Dalio released the full written interview he submitted to the outlet.
“For accuracy, I am providing the actual questions and answers here for you to read. I strive to be as accurate as I can be in a world full of harmful conflict and partisanship in which distortions and sensationalism are threats to everyone’s well-being,” he wrote.
Dalio alleged that the FT had politicized his comments to fit a particular narrative. “To me, the greater risk is in not speaking up. If you want to see what I was asked and what I said, here it is,” he added, sharing the full transcript.
His Q&A revealed several points omitted in the article, including his perspective on cryptocurrency and the dollar’s dominance.
Dalio on Crypto and the Dollar
When asked if deregulation poses a risk to the dollar’s reserve status, Dalio explained that high levels of debt can make fiat currencies less attractive as stores of wealth. This, in turn, could drive investors toward alternative assets.
“I do see the dollar and other reserve currency governments’ bad debt situations as threatening their appeal as reserve currencies and stores of wealth, which has contributed to the rises in gold and cryptocurrency prices,” Dalio said.
Gold recently reached a record high of $3,540 amid global economic uncertainty, marking nearly a one-third increase this year. Meanwhile, cryptocurrencies have also been on the rise: Ethereum surpassed $4,000, Bitcoin hit consecutive highs over several weeks, and the crypto market cap climbed close to $4 trillion, up 0.4% in the past 24 hours.
Asked whether crypto could replace the dollar or pose a threat, Dalio noted that cryptocurrency’s limited supply makes it an appealing alternative if the dollar’s supply expands or demand declines.
“Crypto is now an alternative currency with a limited supply. All things being equal, if the supply of dollar money rises and/or demand falls, that would likely make crypto an attractive alternative currency,” he said.
