 ▲ Ray Dalio (Source: Twitter account @RayDalio) ©CoinReaders |
A claim that Bitcoin (BTC) has failed to reach $750,000 due to persistent “criticism” has reignited debate between traditional macro investors and the cryptocurrency camp.
According to crypto media outlet CCN on March 4 (local time), billionaire hedge fund manager Ray Dalio recently stated on a podcast that Bitcoin has structural limitations as a currency. He argued that transactions are traceable, resulting in a lack of privacy, and that central banks would find it difficult to adopt Bitcoin as a reserve asset. He also emphasized that Bitcoin is exposed to technological risks, threats from quantum computing, and ownership structure issues, and noted its high correlation with technology stocks as a concern for diversification purposes.
In response, Bitwise Chief Investment Officer Matt Hougan offered the opposite interpretation. “If there were no criticism, Bitcoin would have already reached $750,000,” he said, arguing that current doubts are in fact creating long-term investment opportunities. Hougan expressed confidence that these concerns will be resolved over time, explaining that such a process lays the groundwork for further price appreciation.
Industry figures have also weighed in. Abra CEO Bill Barhydt stressed Bitcoin’s scarcity, noting that its total issuance is permanently fixed at 2.1×10 to the 15th power satoshis. He acknowledged that gold has built trust over thousands of years but claimed it is physically “extremely abundant,” suggesting that Bitcoin could eventually assume reserve asset status. He added that fears surrounding quantum computing are exaggerated and that upgrades to defend against such threats are already under discussion.
Dalio recently warned that the international order is destabilizing and reaffirmed his position that gold should be purchased during periods of war and geopolitical conflict. He pointed out that governments typically expand borrowing and money issuance during wartime, undermining the value of fiat currencies, and argued that gold has historically served as the “currency of war.”
Meanwhile, CCN analyst Abiodun Oladokun analyzed that Bitcoin’s price movement in March will depend on whether institutional buying continues. If buying pressure persists, Bitcoin could break above $71,642 and potentially rise to $75,238. Conversely, if increased miner selling coincides with slowing new demand, he warned that a break below the $67,193 support level could lead to a decline toward $60,001. As criticism and optimism intersect, Bitcoin once again faces a crucial test.
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