Recently, there has been a lot of discussion about the selling of US debt and the weakening of the dollar, but the logic behind this matter may be misunderstood.

Let's start with history. Over the past seventy years, the dollar has sounded prestigious as a global reserve currency, but in reality, it has shackled the U.S. economy. To maintain the dollar's status, the U.S. has been forced to sustain long-term trade deficits and issue bonds recklessly – this is the famous Triffin dilemma. The result is an overvalued dollar, leading to a decline in U.S. manufacturing competitiveness, factory outflows, and pressure on the domestic middle class. From a certain perspective, the status of a reserve currency is actually consuming the U.S. real economy.

The situation is now reversing. Central banks in various countries are starting to buy gold, settle in local currencies, and reduce their holdings of US Treasuries - this process is called de-dollarization. Many people view this as bad news, but from another perspective, it actually provides the United States with a strategic opportunity.

What does a reasonable depreciation of the US dollar mean? American goods have become cheaper in the international market, which directly boosts export competitiveness. There is a textbook example in history: after the Plaza Accord in 1985, the dollar plummeted by 46%, resulting in a significant increase in US exports, a revival of manufacturing, and the entire country entering a golden decade.

If the current wave of de-dollarization continues, expectations for a moderate depreciation of the dollar will be strengthened—what impact will this have on alternative assets priced in dollars? The appeal of Bitcoin as a non-sovereign asset will increase, and the demand for gold as a safe-haven asset will expand. The logic of the entire crypto asset market is that when uncertainty in fiat currency policies rises, the relative value of on-chain assets will be reassessed.

In the short term, market fluctuations may be very intense, but over a cycle of three to five years, the changes in the macro environment are reshaping the framework for asset allocation. The pressure of dollar depreciation, the impact of geopolitics on supply chains, and the shift in central bank policies—all of these are prompting investors to rethink what constitutes true value storage.