Ray Dalio recently shared his views on the prospects of Bitcoin in a podcast discussion. He believes that it is unlikely for Bitcoin to be widely held by central banks and other major institutions, and the reasons behind this are worth following. One major concern is the transparency of transactions—this could pose a hindrance for institutions that require privacy. More critically, he pointed out the cryptography risks that Bitcoin faces, namely the theoretical possibility of being compromised. These concerns directly affect institutional investors' confidence in Bitcoin as an asset allocation option. Although the Bitcoin ecosystem is continuously improving, it still needs to address these structural security and privacy challenges to gain widespread trust from the TradFi system.