I am sorry but I cannot parse your first paragraph, so I do not understand your point. Thus I have written a general reply to your link.
I do not read any clear recommendation for or against Bitcoin in the link you have given (maybe I did not read it carefully enough).
It might be my understanding of Bridgewater that is wrong, but I think of them as mainly targeting institutional investors and high net-worth clients. So when Mr. Dalio writes “Bitcoin looks like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80% of.” I do not think of that as dissuading an allocation to bitcoin at all, he is merely warning about the size of the allocation, in contrast in the same letter he talks about Bitcoins gold like properties and he has generally been quite vocal about the benefits of an allocation to gold, so I take that as a positive overall impression.
Though I think the daily observations from 2022-01-14 is much clearer as a recommendation for bitcoin. In it they write about how Bitcoin and Ether are now large and liquid enough for them to be worth the time of institutional investors to look into. And they write that they think institutional adoption is likely to pick up in coming years.
I might be reading too much into it, but when I read the piece I got the clear impression that it was a recommendation to make a small allocation to bitcoin. After all who does not want to get in before the big institutional investors?
He stated here that he wouldn't put in more money than he's comfortable in losing 80% in: https://www.bridgewater.com/research-and-insights/our-though...