Billionaire hedge fund manager Ray Dalio has renewed his skepticism about bitcoin, stating that it lacks central bank backing, offers limited privacy, and could face a threat from advances in quantum computing. However, some analysts argue these criticisms are exactly why bitcoin is still worth buying. Industry figures say these critiques reflect longstanding debates around bitcoin and that the risks Dalio highlighted are already reflected in bitcoin's smaller market value compared to gold. Bitcoin's market cap currently stands at around $1.4 trillion, compared to the estimated $35 trillion by gold.