Part 11/13:
On the macroeconomic front, the US dollar’s role remains central. U.S. Treasury holdings by foreign entities continue to decline, with the dollar’s share of global reserves dropping from 73% to around 58% over the past two decades. Janet Yellen’s remarks suggest further dollar de-dollarization is inevitable as nations diversify their reserves.
This structural shift could accelerate Bitcoin’s appeal as an alternative reserve asset, given its decentralized nature and limited supply.
The US banking sector faces increasing stress, with the three largest bank failures this year exceeding the total bank collapses in 2008’s financial crisis. The ongoing commercial real estate crisis and increasing interest rate pressures threaten further instability.