Is the devaluation of the #BTC对标贵金属的竞争格局 US dollar really a bad thing? This question is worth sorting out.

Recently, the whole internet has been discussing the trend of global de-dollarization—central banks in various countries are increasing their gold reserves, promoting settlement in local currencies, and decreasing their holdings of U.S. debt. At first glance, this seems like a signal of economic recession for the United States. However, from another perspective, this could instead be a strategic opportunity that the U.S. has been waiting for decades.

First, let’s talk about the historical background. For the past seventy years, the US dollar has been the global reserve currency, forcing the United States to maintain a massive trade deficit to meet global demand for dollars. What is the cost? The dollar has been overvalued by about 20% in the long term, leading to a decline in U.S. manufacturing competitiveness, factory offshoring, and stagnation of middle-class wages — this is the famous "Triffin Dilemma" in economics.

The situation has now reversed. As the world begins to reduce its reliance on the US dollar, the dollar can reasonably depreciate. The depreciation itself is not a disaster; it mainly depends on how it is used.

**1. Export Competitiveness Rebounds** — The dollar has become cheaper, and "Made in America" products are cheaper in the international market, making manufacturing profitable again.

**2. Industrial Re-shoring** — The trade deficit narrows, supply chains are rebuilt with a tilt towards local production, and job opportunities return accordingly.

**3. Economic Structure Optimization** — Financial virtualization recedes, capital flows back to the实体产业, resulting in a healthier economic foundation.

There is a similar historical case: after the signing of the Plaza Accord in 1985, the US dollar depreciated by 46% within a year. What was the result? US exports surged, manufacturing experienced a revival, and the late 1980s to the early 1990s was a golden period for the US economy.

What lies before us may be a similar historical opportunity. The US dollar index is gently declining, coupled with industrial protection policies and the activation of high-end manufacturing. In the short term, there may be capital fluctuations, but in the long term, it is about shedding the heavy shackles of being the "global reserve currency" and regaining control over the real economy.

From the perspective of the cryptocurrency market, the correlation between $BTC and gold is also validating this logic – when expectations of U.S. dollar depreciation strengthen, commodities and safe-haven assets often become capital havens. The performance of mainstream cryptocurrencies such as $ETH and $SOL also reflects the market's sensitivity to changes in macro liquidity.

Overall, "de-dollarization" is not necessarily a failure for the United States—instead, it could be an opportunity for the country to break free from the trap of monetary hegemony and reshape its competitiveness.