中東地緣政治緊張局勢升溫之際，全球最大避險基金「橋水（Bridgewater Associates）」創辦人達利歐（Ray Dalio） 再度為黃金背書，並對比特幣的提出質疑。然而，市場走勢卻在同一時間給出了耐人尋味的回應。
周二，素有「鱷王」之稱的 Ray Dalio 在知名播客節目 《All-In Podcast》中表示，投資人不應再將比特幣與黃金相提並論。他列舉比特幣「缺乏央行背書」、「毫無隱私」及「量子運算威脅」這 3 大罪狀，重申「黃金才是唯一真神」。
他表示，「這世上只有一個黃金」、「黃金是最成熟的貨幣」，更是各國央行持有的第二大儲備貨幣。
然而，市場走勢卻給了這些大師一記響亮的耳光。就在 Ray Dalio 發表上述言論當日，金價重挫 168 美元至每盎司 5,128 美元，單日跌幅達 3%；反觀比特幣，僅微幅修正 0.7%，穩守在 68,700 美元關卡。
目前美、伊戰爭已進入第 5 天，市場正處於地緣政治的高度焦慮中。 Ray Dalio 一向主張黃金是亂世中的最強護盾，但諷刺的是，在最需要避險的時刻，黃金的跌勢反而比加密貨幣更為慘重。
事實上，比特幣、黃金走勢「脫鉤」並非頭一遭，去年 7 月至 10 月初，比特幣與黃金走勢尚且同步，直到加密貨幣市場爆發 200 億美元清算潮之後，兩者走勢自此分道揚鑣。
若從 10 月高點算起，比特幣已大幅回檔逾 45%；而同一時期的黃金，卻拉出一波高達 30% 的強勁漲幅，一舉衝破 5,100 美元大關。
細看這次地緣衝突期間的市場波動：在周六軍事打擊爆發之初，金價確實一度飆升，但隨著戰火蔓延、市場焦點轉向原油供應中斷的隱憂時，黃金便無力支撐，將漲幅全數回吐。另一頭，比特幣雖在周六遭遇恐慌性拋售，卻在周日伊朗最高領袖哈米尼（Khamenei）死訊傳出後展開強勢反彈。
這一連串的劇烈震盪，印證了一個血淋淋的事實：這次沒有任何一項資產能完美扮演「資金避風港」的角色。兩者同樣面臨劇烈震盪，只不過，比特幣的波動幅度相對較小。
平心而論，達里歐對加密貨幣的質疑已是老生常談。他緊咬比特幣的「透明度」痛點，直指「每一筆交易都能被監控，甚至可能被直接操控」。他高度懷疑，各國央行怎麼可能去大量囤積一種運作在公開帳本上的資產；同時，他也再次點名量子運算是懸在比特幣頭上的長期生存危機。
不過，Ray Dalio 並非全然看空比特幣。為求資產多樣化，他的個人投資組合中仍保留了約 1% 的比特幣配置；他甚至曾在去年 7 月大膽建議，在美國債務雪球越滾越大的情況下，投資人應將 15% 的資金配置於比特幣或黃金，並稱這是「風險報酬比最佳」的選擇。
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