Overview

• Dalio published the complete written Q&A after accusing the Financial Times of mischaracterizing his remarks, clarifying his views on debt, crypto and policy risks.
• He characterizes the U.S. as nearing a “debt‑induced heart‑attack” in roughly three years, citing about $1 trillion in annual interest and large near‑term rollover needs.
• He says cryptocurrencies now function as an alternative currency due to capped supply, with dollar debasement likely to increase their appeal alongside gold.
• Dalio links recent gains in gold and crypto to deteriorating debt profiles at reserve‑currency issuers, as investors question bonds as storeholds of wealth.
• He advises roughly 15% in hard‑asset hedges such as Bitcoin or gold, flags political pressure on the Federal Reserve as a confidence risk, and views well‑regulated stablecoins as non‑systemic.