橋水基金創辦人達利歐於最新訪談中，再度質疑比特幣避險功能，指出黃金漲 80%、比特幣跌 25%，央行仍傾向持有黃金。
（前情提要：橋水基金達里歐：美債危機快爆發，應拿15%資產買「黃金與比特幣」）
（背景補充：橋水基金達里歐喊美元衰退「黃金的確更安全」：我感覺市場泡沫化了）
全球最大對沖基金橋水基金創辦人達里歐（Ray Dalio），於 3 日在《All-In Podcast》節目中再度表示，比特幣至今仍未展現出如黃金般的數位避險價值，他強調：
世界上只有一種黃金。
達里歐指出，自上次討論以來，黃金上漲了 80%，目前金價約在每盎司 5,280 美元的歷史高位；而比特幣則下跌了 25%。這一對比凸顯出，在近期地緣政治動盪中，比特幣並未發揮預期的「數位黃金」避險功能。（截稿前，黃金報價約 5,180 美元、比特幣報價約 68,390 美元。）
央行為何不選比特幣？
達里歐對比特幣提出三項核心隱憂。首先是隱私保護不足，比特幣所有交易活動都可被追蹤，容易受到政府監控與管制。其次是量子運算的潛在威脅，他對新技術破解比特幣加密機制表示擔憂，認為其安全性存在不確定性。
第三，也是最關鍵的一點：缺乏央行背書。達里歐指出，黃金是全球央行第二大儲備資產（僅次於美元），各國央行如中國、俄羅斯、印度等，正大量囤積黃金以規避制裁風險。
在市場規模方面，達里歐也認為比特幣市場相對較小、易受操縱。相比之下，黃金是「最成熟的貨幣」，自 1971 年美元脫鉤後，黃金購買力增長了 150 倍，是對抗債務危機的最佳利器。
投資配置建議：10-15% 黃金部位
達里歐建議投資者在當前的債務週期與戰爭風險中，將投資組合的 10-15% 配置於黃金。他承認，比特幣在某些情境下（如伊朗銀行倒閉）確實展現了個人的流動性優勢，但從國家主權與長期價值儲存角度來看，比特幣仍無法撼動黃金的地位。
當然，達里歐的觀點指出了目前部分現實，但若將時間軸拉長，我們都知道比特幣的表現遠超黃金。
且雖然他擔憂比特幣缺乏央行背書，但這恰恰是比特幣的核心優點：它是一種不依賴政府信用的「非主權資產」，在 2026 年地緣政治高度破碎的今天，其跨境傳輸的便捷性與抗審查特質，遠非笨重且易被國家沒收的實體黃金所能比擬。
同時比特幣作為「軟體協定」的進化本質，面對量子威脅也能透過開發者與礦工共識進行迭代，這種適應力正是 BTC 成新世代熱門價值儲存首選的關鍵所在。
免責聲明：本頁面資訊可能來自第三方，不代表 Gate 的觀點或意見。頁面顯示的內容僅供參考，不構成任何財務、投資或法律建議。Gate 對資訊的準確性、完整性不作保證，對因使用本資訊而產生的任何損失不承擔責任。虛擬資產投資屬高風險行為，價格波動劇烈，您可能損失全部投資本金。請充分了解相關風險，並根據自身財務狀況和風險承受能力謹慎決策。具體內容詳見
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