'De-dollarization' Transactions Heat Up: Bitcoin Seen as a Key Variable Challenging the Dollar System

BlockBeats News, February 1: According to Forbes, discussions about cryptocurrencies disrupting the traditional financial system have significantly intensified in the context of the 2026 Davos Forum. Analysts have pointed out that Bitcoin is becoming one of the key assets in the 'Anti-Dollar Trade,' reflecting global investors' concerns over the uncertainty of U.S. policies. Jamie Dimon, the CEO of JPMorgan Chase, who publicly called Bitcoin a 'fraud' in 2017, has shown a notable shift in stance. In November 2025, JPMorgan Chase became the first major U.S. bank to issue dollar deposit tokens on a public blockchain. While Dimon has not fully endorsed Bitcoin, he has acknowledged that 'blockchain is real' and has continued to promote blockchain services for institutional clients. This development is seen as paving the way for further growth in the crypto industry. Meanwhile, deVere Group CEO Nigel Green has warned that the dominance of the U.S. dollar is showing structural cracks. He pointed out that the frequent fiscal standoffs and risks of government shutdowns in the U.S. are undermining the three pillars that support the dollar as the global reserve currency—institutional stability, fiscal credibility, and policy predictability. The current partial government shutdown threatens over $1.2 trillion in federal spending, exacerbating market pricing of U.S. political risks. Green believes that, in this context, a multipolar currency system is becoming increasingly realistic. In addition to 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 consistently reduced their dollar reserves, increased allocations to gold and other currencies, and political shocks are accelerating this trend.