Dalio Says Gold Has Replaced U.S. Treasuries — Will Bitcoin Eventually Replace Gold?

TradingKey – Ray Dalio believes gold has overtaken U.S. Treasuries, while Binance founder CZ sees Bitcoin as gold’s future successor.

On Tuesday, October 21, spot gold (XAUUSD) remained firm, consolidating near record highs. The previous day, gold surged past last Friday’s peak, hitting an intraday high of $4,381 per ounce, up more than $100.

Gold Price Chart – Source: TradingView.

Gold has climbed over 65% year-to-date, but what’s driving this explosive rally? On October 18, Bridgewater Associates founder Ray Dalio explained:

“Gold has begun to replace portions of U.S. Treasuries as a risk-free asset in many portfolios — especially among central banks and large institutional investors.”

Meanwhile, Bitcoin (BTC) — often dubbed “digital gold” — has only gained 15% this year and has experienced multiple sharp corrections, underperforming gold by a wide margin. However, Binance (BNB) founder Changpeng Zhao (CZ) remains optimistic about Bitcoin’s long-term potential. On October 21, CZ posted on social media:

“Bitcoin will eventually replace gold. I don’t know exactly when. It may take time, but it will happen.”

Gold Price Chart – Source: TradingView.