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Billionaire investor Ray Dalio is sounding the alarm on U.S. debt, warning it poses a greater risk to the dollar’s reserve status than deregulation, while boosting interest in crypto. In comments to the Financial Times, the Bridgewater Associates founder said mounting fiscal excesses in the U.S. and other reserve-currency nations are eroding trust in fiat money, pushing investors toward gold and digital assets like bitcoin.
Dalio stressed that cryptocurrencies, particularly bitcoin with its fixed 21 million supply, are emerging as viable alternatives as fiat systems weaken under swelling debt and money printing. He argued that investors seeking resilience will increasingly diversify into “hard currencies” such as gold and crypto, recalling similar shifts during past debt crises in the 1930s–40s and 1970s–80s.
On stablecoins, Dalio downplayed systemic risks but warned that their reliance on U.S. Treasurys ties them to America’s fiscal health. Framing today as part of a late-stage debt cycle, he cautioned that both high inflation and rising populism could reshape the global monetary order.
