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**[Zoltan Pozsar: The Global Economy is Accelerating Decentralization, Gold Remains the Preferred Safe-Haven Asset]** At the Token 2049 event in 2025, renowned analyst Zoltan Pozsar stated that the global economy is accelerating its transition toward decentralization, with the world gradually splitting into two major blocs: the "Western Federation" and the "Eastern Federation." He pointed out that the United States is shifting from a traditional "consumption hub" to a "production hub," a trend that is weakening the U.S. dollar's dominance in the global economy. Pozsar also analyzed current economic risks: Europe is struggling due to insufficient investment in infrastructure and defense; Japan and South Korea are facing increased economic pressure from U.S. high interest rates and trade policies; and emerging markets are grappling with long-term risks of high inflation, currency depreciation, and capital outflows. Against this backdrop, while the U.S. dollar may benefit in the short term from the expansion of stablecoins and cost-sharing among allies, its long-term status could face challenges. In terms of investment advice, he emphasized that gold is the preferred safe-haven asset, as declining trust in fiat currencies is driving gold prices higher. While Bitcoin has attributes as an alternative savings tool, its price volatility and regulatory risks make it unlikely to become a mainstream savings instrument. He also warned that U.S. Treasury bonds may face long-term risks of declining purchase interest from allies.