Bitcoin VS US Dollar Hegemony: Decoding the Game Between Digital Tides and Traditional Order

Bitcoin has never claimed to replace the US dollar, but as a decentralized digital currency, its existence itself is a silent challenge to the dollar's hegemony. One represents freedom and uncontrollability, while the other is at the core of the world's strongest sovereign currency system. Behind the game between the two lies profound financial logic and a struggle for global power.

1. The foundational basis of the dollar hegemony

The US dollar can become the global financial hegemon, relying on three core pillars: it is the pricing currency for commodities such as oil and gold; the dollar settlement system is deeply embedded in the global trade payment network; and the Fed's printing power allows the US to harvest real assets globally through excessive money supply. Data shows that about 60% of global foreign exchange reserves are in US dollars, and over 70% of international trade is settled in US dollars.

2. Bitcoin: A New Force Breaking the Monopoly

Bitcoin does not depend on any sovereignty, central bank, or institution, which makes it seem out of place in the dollar hegemony system. After the financial crisis in 2008, the Federal Reserve's excessive issuance of currency triggered a crisis of trust; the United States used financial sanctions as a weapon, exposing the risks of the dollar settlement system, and Bitcoin thus became a new choice. El Salvador's designation of Bitcoin as legal tender is an even bolder challenge to dollar hegemony.

3. The Game Situation Revealed by Data

Data from 2024 shows that the number of global Bitcoin wallets has exceeded 220 million, with transactions primarily focused on BTC/USD. The United States remains the largest source of funds, but the growth rate in Asian and Latin American markets is rapid. Compared to the US dollar M2, which was about $8 trillion in 2008, it has exceeded $22 trillion in 2024, while the total supply of Bitcoin remains constant at 21 million coins, with no increase.

4. The Boundaries and Value of Bitcoin

Bitcoin is difficult to replace the US dollar: the dollar has backing from sovereignty, military, and a large trade ecosystem, possesses high liquidity and payment convenience, and countries within the dollar system will not easily give it up for stability reasons. However, Bitcoin still has unique value, serving as a safe-haven asset during global financial turmoil, becoming an alternative value system for sanctioned countries, and providing ordinary people with an asset hedging tool.

The US dollar represents order, while Bitcoin symbolizes free will; the two coexist in opposition. This game is essentially a choice by humanity between different value systems; where you allocate your assets is a vote for the future.

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