"De-dollarization" Trading Heats Up: Bitcoin Seen as a Key Variable Challenging the U.S. Dollar System

Summary
During the Davos Forum, discussions on the impact of cryptocurrencies on traditional finance intensified, with Bitcoin becoming an important asset in anti-dollar trading. JPMorgan CEO Jamie Dimon has shifted his stance, acknowledging the existence of blockchain.
deVere Group CEO warns of cracks in the dollar dominance, as partial government shutdowns threaten fiscal stability and promote the formation of a multipolar currency system. Digital assets are gradually being incorporated into hedging strategies.
According to BlockBeats, on February 1, Forbes reported that amid the 2026 Davos Forum, market discussions on cryptocurrencies impacting traditional financial systems have significantly increased.
Some analysts point out that Bitcoin is becoming one of the key assets in "Anti-Dollar Trade," reflecting global investors' concerns over U.S. policy uncertainties.
Jamie Dimon, who publicly called Bitcoin a "scam" in 2017, has shown a clear shift in stance.
In November 2025, JPMorgan became the first major U.S. bank to issue a dollar deposit token on a public blockchain.
While Dimon has not fully endorsed Bitcoin, he has acknowledged that "blockchain is real" and continues to promote blockchain services for institutional clients.
This move is seen as paving the way for further development in the crypto industry.
Meanwhile, deVere Group CEO Nigel Green warns that the dollar's dominance is showing signs of structural cracks.
He points out that frequent fiscal standoffs and government shutdown risks in the U.S. are weakening the three pillars that support the dollar as a global reserve currency—system stability, fiscal credibility, and policy predictability.
Current partial government shutdowns have threatened over .2 trillion in federal spending, intensifying market pricing of U.S. political risks.
Green believes that, in this context, a multipolar currency system is becoming more realistic.
Besides the euro, yen, and some emerging market currencies, digital assets are also beginning to be included in strategic hedging discussions.
In recent years, global central banks have continued to reduce dollar reserves and increase gold and other currencies, with political shocks accelerating this trend.