As bullish sentiment in Bitcoin remains high, Bridgewater Associates founder Ray Dalio has issued another significant macroeconomic warning. He points out that the core theme seriously underestimated by the market is not artificial intelligence or innovation in U.S. stocks, but the ongoing “fiat currency devaluation.” Against this backdrop, the overall performance of gold and non-U.S. stocks has already clearly outperformed the U.S. stock market, and capital flows are undergoing structural changes.
In his latest view, Ray Dalio emphasizes that the key investment theme for 2025 to 2026 is the systematic decline in the purchasing power of major fiat currencies, and this trend is distorting investors’ judgments of the true returns on assets. He notes that last year, the dollar-denominated return on gold was as high as 65%, while the dollar-denominated return on the S&P 500 was only 18%, a difference of 47 percentage points. When measured in gold, the S&P 500 actually experienced about a 28% decline.
From a broader macro asset allocation perspective, Ray Dalio believes that the long-term competitiveness of the U.S. stock market relative to gold and foreign stocks is weakening. The reasons include the side effects of long-term fiscal and monetary stimulus policies, excessive asset valuations, and changes in the global capital allocation structure. As investors gradually reduce their concentration in U.S. assets, capital is accelerating its flow into other markets.
Data shows that non-U.S. stocks have significantly outperformed the U.S. market over the past year. European stocks outperformed U.S. stocks by about 23 percentage points, Chinese stocks by about 21 percentage points, UK stocks by 19 percentage points, and Japanese stocks by around 10 percentage points. This gap directly reflects the global re-pricing of risk and return.
Ray Dalio also warns that currency devaluation creates an “illusion,” where asset prices nominally rise, but actual purchasing power declines. This means that returns measured solely in fiat currency may seriously overestimate the true level of returns. Bridgewater believes that whether it’s stocks, bonds, or cash, the risk-adjusted performance of non-U.S. assets is currently outperforming domestic U.S. assets across the board.
In this macroeconomic context, Bitcoin supporters continue to emphasize the narrative of anti-inflation and resistance to fiat currency devaluation, while Dalio’s warning provides a more macro-logical support for gold, non-U.S. assets, and diversified allocations. When fiat devaluation becomes the main theme, the core of asset allocation is no longer “how much it rises,” but “how much purchasing power is preserved.”
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Gate launches the "Compute Power Goes Ballistic" campaign: complete tasks to unlock mystery boxes and win a Mac Studio M3 Ultra; USDT wealth management offers 6% APY; BTC/ETH/SOL staking up to 16% APY
Gate News message, according to the Gate official announcement on April 22, 2026, the platform has launched a "Compute Power Goes Ballistic" themed campaign.
During the campaign (from 14:00 on April 22 to 16:00 on April 26, UTC+8), users can complete multiple tasks to unlock the chance to open mystery boxes. Prizes include Mac Studio M3 Ultra, RTX 5090 GPU, XPIN tokens, lucky draw gift bags, and more, using a 100% guaranteed win model. The tasks cover multiple scenarios such as instant exchange trading, spot trading, derivatives trading, deposits, invitations, and VIP upgrades, with different tasks corresponding to different numbers of mystery box openings.
At the same time, the platform has introduced interim wealth-management products: USDT 14-day fixed-term wealth management with an annualized return of 6%. You can apply with a net deposit of ≥ 1,000 USDT, with a personal limit of 20,000 USDT. For on-chain earnings, staking BTC, ETH, and SOL can receive up to a 7.5% boost, with staked SOL reaching up to 16% annualized returns. In addition, new and existing users can also participate in multi-asset wealth-management products such as ETH, USDD, XAUT, AIA, SWCH, 0G, and APT, with some products offering annualized returns exceeding 100%.
GateAnnouncement19m ago
Bitcoin Liquidation Data: $1.676B in Long Positions if BTC Falls Below $73,721; $883M in Shorts if BTC Breaks $80,768
Gate News: If Bitcoin dips below $73,721, long liquidations on major CEXs could total $1.676B; if BTC climbs above $80,768, short liquidations could reach $883M.
Abstract: This brief notes potential liquidations on major CEXs triggered by BTC price moves: $1.676B in longs below $73,721 and $883M in shorts above $80,768.
GateNews42m ago
Bitcoin Spot ETFs See $11.84M Net Inflows Yesterday, Extending 6-Day Streak
Gate News message, April 22 — Bitcoin spot ETFs recorded total net inflows of $11.84 million yesterday (April 21, U.S. Eastern Time), according to SoSoValue data, extending a six-day consecutive inflow streak.
BlackRock's IBIT led all funds with $39.34 million in single-day net inflows, bringing it
GateNews44m ago
Whale 'Set 10 Major Goals' Holds 717.491 BTC with $1.226M Unrealized Gains
Summary: An on-chain analyst notes a whale wallet 'Set 10 Major Goals' holds 717.491 BTC with $1.226M unrealized gains, opened at $75,731.70; BTC trading at $77,439.70.
Abstract: The report highlights a whale wallet named 'Set 10 Major Goals' with 717.491 BTC and $1.226 million in unrealized gains, opened at $75,731.70, as Bitcoin sits near $77,439.70.
GateNews1h ago
U.S. Navy Admiral Samuel Paparo Says Bitcoin PoW Technology Enhances Cybersecurity, Supports National Security
Abstract: U.S. Navy Admiral Samuel Paparo told a Senate Armed Services Committee hearing that Bitcoin's proof-of-work is a valuable computer science tool with important cybersecurity applications, capable of increasing the cost of cyberattacks and protecting data and command signals, thereby supporting national security. The piece notes echoes of Jason Lowery's 2023 warnings about Bitcoin's security implications.
Summary: Admiral Paparo told Congress that Bitcoin's proof-of-work enhances cybersecurity and national security by deterring attacks and protecting data, a view aligned with Jason Lowery's 2023 remarks.
GateNews2h ago
Crypto Markets See $60.08M in Liquidations in One Hour, BTC Accounts for $27.46M
Gate News message, April 22 — Over the past hour, cryptocurrency markets recorded $60.08 million in liquidations, according to Coinglass data. Bitcoin accounted for $27.46 million of the total, while Ethereum recorded $26.31 million in liquidations.
Short positions dominated the liquidation
GateNews2h ago
