{Can the United States still win? Understanding this covert battle over the dollar, gold, and Bitcoin}

Conclusion first: If the United States wants to win the ultimate game against China, the crypto market must succeed. It is not the crypto market that needs saving from Americans; it is Americans who need the crypto market to save them.

This is not a sensational slogan but a reflection of the deep reconstruction of the current global financial landscape. The United States is entering the second phase of great power competition—from comprehensive dominance to strategic defense. If the first phase was characterized by the dollar sweeping the globe and the comprehensive crushing of technological economies, now it must face the ongoing erosion of the dollar credit system, the relative degradation of key industrial chain competitiveness, and the internal strife caused by party disputes and social division.

The global foundation of trust is loosening. Although the status of the dollar as a reserve currency has not fundamentally shaken, it is undergoing a “slow retreat” process similar to that of the pound in the past. The pound transitioned from being the main character in global reserve currencies to a supporting role over thirty years. Today, global central banks are systematically reducing their holdings of U.S. Treasuries and accelerating gold purchases. The logic behind this is simple: gold cannot be sanctioned, while digital dollars can be frozen at the click of a button. Once trust begins to crack, it indicates that the foreign exchange structure needs to be reorganized.

If the current trend continues, global central banks may increase their gold holdings by 30,000 tons over the next decade, equivalent to nearly nine years of gold mine output. The positive spiral effect of gold prices has already begun: the more you buy, the more expensive it becomes; the more expensive it is, the more you buy. Combined with geopolitical risks and strategic resource control, gold could follow an unimaginable premium curve.

The problem is that the United States can no longer dominate gold prices. This market is being propelled by the trend of de-dollarization, while dollar assets continue to bleed. No matter how tough the Federal Reserve is, it cannot stop the market's expectations of a “post-dollar era.”

What to do?

The United States has begun to attempt “curved salvation”:

Stablecoins tied to the crypto market, rebuilding digital use cases for the dollar, transferring the liquidity that originally belonged to cash onto the blockchain.

The nationalization of Bitcoin, attempting to turn Bitcoin into “new gold,” controlling its circulation and pricing within an American compliance framework.

Constructing a new cycle of “dollar-stablecoin-crypto market-U.S. Treasuries,” using liquidity from the virtual currency market to support the debt market gap and mitigate the impact of uncontrolled gold prices.

In simple terms, cryptocurrencies have become the “stand-in” and “strategic buffer zone” for the dollar financial system. By controlling Bitcoin, there is a chance to partially hedge the crisis of losing gold pricing power; by siphoning off funds from the crypto market, there is a chance to slow down the liquidity escape of dollar assets.

In other words, the crypto market is not only a technological revolution but also a financial battlefield for the U.S. to maintain its national strength and delay its decline. If this battle is won, the U.S. might gain a strategic buffer period to enter the third phase—perhaps even completing a leapfrog in new fronts like AI, robotics, and clean energy.

But if it is not won, it would mean—dollar bleeding, gold soaring, and national fortunes becoming imbalanced, leading to an irreversible decline.

So, to emphasize again: it is not the crypto market that needs the U.S., but the U.S. that urgently needs the crypto market now.

Conclusion

The United States is at a critical juncture in reshaping the global financial landscape. The rise of the crypto market provides new strategic choices. However, this process is fraught with uncertainty, and success or failure remains to be seen. For global investors, closely monitoring the U.S. layout in the crypto market will help grasp the future trends of the financial market.