Why Ray Dalio believes Bitcoin will never be a “reserve currency”

[Joy- maker]

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Greetings to you all my fellow Bitcoin talkers. I don't know if anyone has came across this on Twitter, where Ray Dalio tweeted this above.
And When I first came across it on Twitter I was eager to carry out some few research, so that I can get the real gist from a reliable source which I succeeded in getting one. And after reading through the source I came to understand everything in details, on how Ray Dalio took his time to outline how he think about bitcoin and his believe towards Bitcoin. Note, I created this thread for discussion purpose so that our Bitcoin OG's, and those users with good knowledge, and  better understanding about Bitcoin and blockchain technology can enlighten us, and clear us on this debate by Ray Dalio. And before now I have came across some few threads this one here for example which the thread was created by a user here who have spent roughly seven good years in this forum and yet he or she has learnt nothing. because the user was saying that gold is far more better than Bitcoin, which I'm beginning to believe that tweets like the one of Ray Dalio is what is making them to start thinking that way.


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Here are some of his replies under his tweet, and there more where he was criticising Bitcoin, saying manner of things about Bitcoin. And he even further stated that, gold is the first, while Bitcoin is the second, why because bitcoin did not pass secondary test (howey test).
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[romero121]

By the start of the month, the price of Bitcoin was around $112000, and today it has touched the lowest bottom of $86500. In just 20 days there is a difference of around $25500. I don't say this happens forever, but we aren't predictable about the market movement. If a country held its reserve in terms of bitcoin, now the country would've experienced a downturn in its economic movement. When the price gets bumped, the country will benefit. In reality to experience such a bullish market forever is impossible.

[Ambatman]

Well the government ain't a fan of transparency except when it comes to their citizens privacy right.
Bitcoin is what Fiat isn't, Money.

Code could be broken? Not really enlightened on the beauty of Decentralization and how Bitcoin works.
If he's talking about quantum computing then he would sound stupid so maybe he meant fork
And fork isn't Bitcoin. Just another coin.

So far, Bitcoin has shown to be positively geared volatile and Fiat doesn't protect buying power
And even supposedly stable Gold isn't free from volatility.
It boils down to relativity.

[Joy_learns_crypto]

His personal approach that he does have some bitcoin in his wallet even if it’s not much tells that he may think that of bitcoin but it could be wrong so he has some bitcoin just in case.
Before Ray Dalio there were other who doubted bitcoin and many of their statements time has made not to be true.
But I concede to him that the involvement of the government will change things about the transparency of bitcoin.  But while you doubt bitcoin in any way be like Ray Dalio get some for yourself.

[_act_]

Maybe he is an alien that does not know what is going on in the world. If it was before, we have seen many central banks that are against bitcoin, but now they are looking towards making it as one of their reserves. Maybe he is sleeping and not knowing what is going on about bitcoin in the world. He can continue to be a critic of bitcoin but he will see many countries adopt bitcoin as reserves.

[headingnorth]

Well the code doesn't write itself. You still have to trust the people who write the code to keep it secure.
That is counterparty risk. Bitcoin is not trustless nor decentralized in that sense. The power to
make such changes lies in the hands of a few.

Several bitcoin developers are also altcoin or memecoin developers who receive funding from
Wall Street VCs and the crypto lobby. So we can see where their priorities lie. These people are not acting out
of the goodness of their hearts and it would be naive to assume that they are. They are acting out of self-interest.

They have pushed through major controversial changes to the code in the last three years that have weakened
the security and integrity of the bitcoin network. And I doubt they will stop there so things can only get worse.

[tsaroz]

He don't make sense at all.
Yes all the transactions are public but it don't mean there's no privacy at all. There's no identity tied to an address or transaction furthermore if you absolutely wants not to be tracked where the money came from or went to, there are ways but its not even necessary to go to those measure for Publicly accountable institutions.
The government don't control the code. They may control the legality of trading in bitcoin but the code is controlled by consensus among devs, node operators and miners.
Bitcoin is relatively volatile compared to fiat which has its benefits and flaws but as it matures, we expect it to be less volatile still appreciate compared to fiat as its not minted out of thin air and has a limited supply.