Bridgewater Associates founder Ray Dalio warned that Bitcoin is not suitable as a long-term store of value or a hedge asset, citing reasons including the lack of central bank support and ongoing concerns about its privacy protection and quantum resistance.

Dalio stated on Tuesday's All-In Podcast that Bitcoin cannot be digital gold, "there is only one gold." He pointed out, "Gold is not a speculative precious metal." He added that gold is "the most mature currency" and the second largest reserve currency held by central banks.

Dalio also said he does not understand why central banks would want to buy and hold Bitcoin long-term.