"De-dollarization" trading heats up: Bitcoin is seen as an important variable challenging the dollar system

On February 1, Forbes reported that, against the backdrop of the 2026 Davos Forum, discussions on the impact of cryptocurrencies on traditional financial systems have significantly heated up. 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. JPMorgan Chase CEO 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, Nigel Green, CEO of deVere Group, warned that the dominance of the U.S. dollar is showing signs of structural cracks. He pointed out that frequent fiscal standoffs and government shutdown risks in the U.S. are undermining the three pillars that support the dollar as the global reserve currency—system stability, fiscal credibility, and policy predictability. Some current government shutdowns have threatened over $1.2 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. Central banks worldwide have been steadily reducing dollar reserves and increasing gold and other currencies, with political shocks accelerating this trend.