RATE Group | JP Morgan Admits Dollar’s Doomed Reserve Status to Unwittingly Cheer Bitcoin `
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JP Morgan Admits Dollar’s Doomed Reserve Status to Unwittingly Cheer Bitcoin `

25 Jul JP Morgan Admits Dollar’s Doomed Reserve Status to Unwittingly Cheer Bitcoin `

Posted at 16:36h in Bitcoin News by

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The US dollar is at risk of losing its status as the world’s dominant currency. That’s according to one strategist at JP Morgan’s private bank who is advising wealthy clients cut their dollar holdings in half.

“We believe the dollar could lose its status as the world’s dominant currency (which could see it depreciate over the medium term).”

It’s a stark wake-up call, reminding investors that global reserve currencies do not last forever.

While the note doesn’t mention it directly, bitcoin is an obvious hedge for many of the issues cited by JP Morgan. The private bank also recommends clients increase their portfolio allocation to a “store of value,” specifically gold. Arguably, bitcoin is also becoming a recognized store of value and may deserve a place in a defensive portfolio.

dollar decline chart over history
The US dollar index trends downwards over the last 50 years. Source: JP Morgan Private Bank

The end of the dollar’s dominance?

We’re approaching a…

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