Crypto To Overtake The Dollar? Ray Dalio Flags End Of Debt Cycle
Crypto sits at the heart of Ray Dalio’s new message. On September 3, 2025, the Bridgewater Associates founder published a point-by-point rebuttal to what he called the Financial Times’ “mischaracterizations,” releasing the full written Q&A he says he provided to the paper. The exchange restates his “Big Debt Cycle” framework and argues that rising US debt burdens, risks to Federal Reserve independence, and mounting geopolitical fractures are eroding the dollar’s role as a store of wealth—conditions that he says are boosting gold and crypto.
Why Crypto Is An “An Attractive Alternative”
Dalio frames the US fiscal position as late-cycle and dangerously self-reinforcing. “The great excesses that are now projected as a…
