「De-dollarization」 Trade Heats Up: Bitcoin Seen as Key Variable Challenging the Dollar System

BlockBeats News, February 1st. According to Forbes, against the backdrop of the 2026 Davos Forum, the discussion in the market about cryptocurrency's impact on the traditional financial system has significantly intensified. Some analysts point out that Bitcoin is becoming a key asset in the "Anti-Dollar Trade," reflecting global investors' concerns about U.S. policy uncertainty.

Jamie Dimon, the CEO of JPMorgan Chase, who once publicly called Bitcoin a "fraud" in 2017, has now clearly changed his stance. In November 2025, JPMorgan Chase became the first major U.S. bank to issue a stablecoin pegged to the U.S. dollar on a public blockchain. While Dimon has not fully embraced Bitcoin, he has acknowledged that "blockchain is real" and has been actively promoting blockchain business for institutional clients. This move is seen as paving the way for further development in the crypto industry.

Meanwhile, Nigel Green, CEO of deVere Group, has warned that the U.S. dollar's dominance is showing structural cracks. He pointed out that the frequent fiscal standoffs in the U.S. and the risk of government shutdown are weakening the three pillars that underpin the U.S. dollar's status as the global reserve currency—institutional stability, fiscal credibility, and policy predictability. The current partial government shutdown has already threatened over $1.2 trillion in federal spending, exacerbating the market's pricing of U.S. political risk.

Green believes that against this backdrop, a more diversified currency system is becoming increasingly realistic. In addition to the Euro, Yen, and some emerging market currencies, digital assets are also starting to be included in strategic hedging discussions. Global central banks have been reducing their U.S. dollar reserves, increasing allocations to gold and other currencies in recent years, and political shocks are accelerating this trend.