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

February 1 Amid the 2026 Davos Forum, market discussions about cryptocurrency’s impact on the traditional financial system have intensified sharply, per Forbes. Some analysts note Bitcoin is emerging as a key asset in the “Anti-Dollar Trade,” reflecting global investors’ concerns over U.S. policy uncertainty. JPMorgan Chase CEO Jamie Dimon—who once labeled Bitcoin a “fraud” in 2017—has clearly shifted his stance. In November 2025, JPMorgan became the first major U.S. bank to issue a U.S. dollar-pegged stablecoin on a public blockchain. While Dimon hasn’t fully embraced Bitcoin, he’s acknowledged “blockchain is real” and actively promoted blockchain services for institutional clients. The move is seen as paving the way for further crypto industry development. Meanwhile, deVere Group CEO Nigel Green warns the U.S. dollar’s dominance shows structural cracks. He points to frequent U.S. fiscal standoffs and government shutdown risks eroding the three pillars underpinning the dollar’s global reserve currency status: institutional stability, fiscal credibility, and policy predictability. The ongoing partial government shutdown has already threatened over $1.2 trillion in federal spending, amplifying market pricing of U.S. political risk. Green argues a more diversified currency system is growing increasingly realistic in this context. Beyond the euro, yen, and some emerging-market currencies, digital assets are also entering strategic hedging discussions. Global central banks have been cutting dollar reserves in recent years, boosting allocations to gold and other currencies—and political shocks are accelerating this trend.