Ray Dalio just named the problem.
Bitcoin's full transparency is why central banks won't touch it.
Why institutions won't move treasury operations on-chain. Why serious money keeps waiting on the sidelines.
Transparency was never the goal.
Trustlessness was. Privacy is how you get both.
NULLMASK
While Bitcoin gets a lot of attention, it hasnβt played the safe-haven role many expected. In my view, there are a few reasons why.
First, Bitcoin lacks privacy. Transactions can be monitored and potentially controlled, which is why central banks arenβt looking to hold it.
Second, it also has a high correlation with tech stocks. When investors get squeezed in other areas of their portfolio, they sell their Bitcoin to cover it.
Third, itβs a relatively small and controllable market, whereas gold stands alone. There is only one gold.
Ultimately, gold is more widely held, deeply established, and still plays a central role in the global system.