Happy Wednesday!

Ray Dalio says ‘there is only one gold’…and Bitcoin is not it. Why did the legendary investor suddenly go cold on BTC?

Jamie Dimon dared crypto firms to become banks. Now, Kraken is obliging with direct access to Fed payment rails.

Plus, China’s five-year plan is set to be unveiled today. If Beijing redirects capital toward tech and green energy, metals tied to construction could weaken while lithium and strategic materials strengthen. It’s the first catalyst in a series of five dates that could create major trading opportunities. Get the full calendar.

TOP STORY

Ray Dalio: 'There Is Only One Gold' — And It's Not Bitcoin

Ray Dalio explained the gold vs. Bitcoin divergence in blunt terms: central banks drove gold up 80% to $5,200 while Bitcoin fell 25% — and they'll never buy BTC.

The Bridgewater founder argues Bitcoin's transactions can be monitored and controlled, its correlation to tech stocks makes it a risk asset, and it's simply too small relative to gold to function as a reserve currency.

"There is only one gold," Dalio said.

SPECIAL OFFER

China’s 15th Five-Year Plan Could Shift Global Commodity Demand

China’s 15th Five-Year Plan will be unveiled today — a once-every-five-years policy shift that helps steer global demand. If Beijing redirects capital toward tech and green energy, metals tied to construction could weaken while lithium and strategic materials strengthen. It’s the first catalyst in a series of five dates that could create major trading opportunities.

QUICK N DIRTY

Bitcoin, Ethereum, XRP are surging even as geopolitical turmoil keeps us on the edge of our seats: here’s what’s moving markets today.

Bitcoin alone is up more than 5% today, leaving Goldman’s CEO is disbelief. Why are markets dismissing the latest Middle East war?

Donald Trump is trying to give senators the last push towards passing the latest crypto bill. Here’s why the Ripple CEO is fully on board with the message.

FINTECH FOCUS

Jamie Dimon Dared Crypto Firms To 'Be A Bank' — And Kraken Makes A Big Step Towards Being One

Kraken just made history: one day after JPMorgan CEO Jamie Dimon called for bank-level regulation of crypto firms handling deposits, the exchange became the first crypto company ever to secure a Federal Reserve master account.

The approval gives Kraken direct access to Fedwire—the same payment rails used by thousands of U.S. banks — cutting out intermediary banks entirely.

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