The founder of the Bridge Water Fund, Ray Dario, has recently indicated that Bitcoin is likely to perform relatively well against the backdrop of rising debt and widening fiscal deficits in major global economies. In his view, the United States, as well as the United Kingdom, the European Union, China and Japan, were also facing pressure from long-term debt cycles.
Debt pressure pushes the need for hedge
Dario mentioned in his latest communication that weak government debt demand, rising yields on long-term national debt and increased signs of currency expansion are all manifestations of the current build-up of pressure. Against this background, there is a risk of an increase in the market ' s allocation of demand against inflation and currency devaluation.
It's still mostly gold.
Despite a more positive assessment of the future of the bitcoin, Dario indicated that gold remained his preferred hedge tool. According to him, in addition to gold, he would also be equipped with “small bitcoin”.
This is a continuation of his cautious approach to bitcoin in recent years. As far back as 2020, he called Bitcoin an “alternate asset like gold”. By 2021, he confirmed that he owned bitcoin.
Warehousing ratio of approximately 1%
Dario, however, has repeatedly pointed to the policy and technical constraints that Bitcoin faces. He had indicated that, if Bitcoin had developed too successfully, the Government might have tried to suppress its expansion.
By November 2025, Dario disclosed that Bitcoin had accounted for approximately 1 per cent of its personal portfolio over the years. At the same time, he continued to believe that it was difficult for Bitcoin to become a major reserve asset because of, inter alia, inadequate financial privacy and potential threats to quantum computing.
This change in attitude, with more emphasis on limitations than before, was that he had put bitcoin more clearly in the discussion of risk avoidance assets in the context of rising global debt pressures.