Исследование Bitwise подтверждает стратегию Рэя Далио: биткоин и золото в идеальном инвестиционном тандеме Translation: Study by Bitwise Confirms Ray Dalios Strategy: Bitcoin and Gold in the Perfect Investment Tandem

Bitcoin and gold significantly enhance portfolio efficiency when adjusted for risk, outperforming traditional strategies. This conclusion was reached by analysts at Bitwise.

Their observations indicate that over the past decade, a mixed allocation of 15% between the leading cryptocurrency and the precious metal has delivered a Sharpe ratio nearly three times higher than that of the benchmark 60/40 portfolio.

The Sharpe ratio is a metric that evaluates investment performance considering risk. It reveals the excess return generated per unit of volatility.

A high Sharpe ratio indicates effective capital management, suggesting that the asset yields profit with moderate price fluctuations. In contrast, a low ratio implies that the potential returns do not justify the level of risk involved.

Bitwise explained that they practically tested and confirmed the advice of billionaire Ray Dalio, founder of Bridgewater Associates. In July, he recommended allocating 15% of an investment portfolio to Bitcoin or gold as a hedge against U.S. dollar depreciation.

The calculated Sharpe ratio for a portfolio containing 15% in these two assets was 0.679, compared to 0.237 for the conventional portfolio. A strategy exclusively consisting of gold yielded a ratio of 0.436.

In their study, the specialists analyzed four major market downturns (2018, 2020, 2022, and 2025), identifying a clear asset behavior pattern.

During downturns, gold acts as a stabilizer, displaying either gains or smaller losses. Bitcoin, on the other hand, experiences deeper corrections than stocks. In recovery phases, the leading cryptocurrency significantly outperforms both gold and other traditional assets.

For instance, during the 2020 crisis prompted by the COVID-19 pandemic, stocks declined by 33.79%, Bitcoin by 38.10%, and gold by 3.63%. However, during the subsequent recovery, Bitcoin surged by 774.94%, gold increased by 111.92%, while stocks rebounded by 77.8%.

Analysts also outlined the dynamics of the current rebound following the October crash. At the time of the study (with preliminary data), gold led with a 44.79% increase from its local low. Stocks gained 38.65% and Bitcoin rose by 14.04%.

The full recovery cycle is expected to conclude in April 2026, so the final results may shift.

“Frequently, the debate over whether to choose gold or Bitcoin is framed as ‘either-or.’ However, data indicates that historically, the best answer is ‘both,’” concluded Bitwise.

It is worth noting that for the first time since mid-2022, the 52-week correlation between Bitcoin and gold has fallen to zero.