Emre Yumlu 
Billionaire investor and Bridgewater Associates founder Ray Dalio has reignited the debate around safe-haven assets after pointing to the Federal Reserve’s recent policy shift. As the Fed halts quantitative tightening and turns toward expanding its balance sheet once again, Dalio believes gold — and potentially other store-of-value assets — could benefit from a new wave of liquidity. His remarks arrive at a moment when several crypto voices are already pricing in the possibility of renewed bullish momentum.
Ray Dalio: “Gold Rally Could Begin”
Dalio argues that the Fed’s latest communication, framed as a technical balance-sheet adjustment, is in reality a more meaningful pivot. Citing Chair Jerome Powell’s statement that reserves will eventually need to grow in line with the banking system and the broader economy, Dalio stresses that the scale of upcoming liquidity injections will be crucial.
He notes that if balance-sheet expansion coincides with interest-rate cuts and rising fiscal deficits, the result resembles a coordinated monetary-fiscal effort to absorb government debt. Dalio characterizes this as a familiar pattern in which central banks effectively monetize deficits — a dynamic he warns can contribute to asset bubbles.
The Case for a Gold Rally
According to Dalio, central-bank bond purchases create liquidity and suppress real interest rates. Where this liquidity flows ultimately determines market behavior. When it stays within financial assets, prices tend to rise, risk spreads narrow, and gold historically gains value.
Dalio points out that periods of rising inflation and currency debasement typically support gold’s performance. With fiat supply expanding far more rapidly than the supply of gold, he argues that the metal often strengthens as investors seek stability amid monetary erosion.
And What About Bitcoin?
While Dalio focuses primarily on gold, his analysis has clear implications for Bitcoin. Former BitMEX CEO Arthur Hayes has already suggested that the Fed is engaging in a form of “stealth quantitative easing,” injecting liquidity into markets through mechanisms like repo facilities. Hayes believes this process could ignite Bitcoin’s next bullish cycle, asserting that the crypto asset responds quickly to shifts in dollar liquidity.
Despite this optimism, Dalio cautions that excessive liquidity can inflate speculative bubbles — a warning that adds nuance to the more aggressive predictions circulating in crypto circles.
Both Dalio and Hayes agree on one point: the Fed’s move toward easier financial conditions will be a decisive force across global markets. Whether Bitcoin rallies alongside gold or takes a more volatile path remains a key question investors will be watching closely.
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