ChainCatcher reported that a Forbes article used earlier comments by U.S. Vice President JD Vance on the dollar’s global reserve status to revisit the long-standing tensions built into the dollar system.
The article argues that while the dollar’s role as the world’s reserve currency gives the United States clear funding advantages, it also creates the Triffin dilemma: a single country’s currency struggles to meet domestic economic needs and global reserve demand at the same time.
The dollar’s reserve role brings benefits and costs
According to the piece, reserve-currency status drives global capital into the United States and lifts the dollar’s value. That helps American consumers access cheaper imported goods. At the same time, it weakens the competitiveness of U.S. manufacturing and adds to trade deficits.
The article says that after gold convertibility ended with the collapse of the Bretton Woods system in 1971, the dollar order did not disappear. It kept operating through U.S. Treasuries and global dollar markets, while its core contradiction remained unresolved.
Stablecoins still rely on U.S. debt
Forbes says stablecoins can extend the reach of the dollar, but they still depend on U.S. government debt in the background. In that sense, they do not fully solve the problem of reserve assets being tied to the liabilities of a single sovereign state.
Bitcoin is presented as a possible neutral reserve asset
The article contrasts Bitcoin with gold. Gold has non-sovereign characteristics, but faces limits in transport, verification, and settlement efficiency. Bitcoin, by comparison, has a fixed supply, does not require sovereign credit backing, can be verified globally, and supports digital, fast settlement. On that basis, the author says Bitcoin could emerge as a new neutral reserve asset.
The piece suggests that the dollar could continue to function as the world’s transaction and commercial currency, while Bitcoin may gradually take on a larger role as a reserve asset, reducing the global monetary system’s dependence on the liabilities of a single country.
Open questions remain
Forbes also notes that Bitcoin still faces major constraints, including price volatility, limited institutional adoption, and custody systems that are not yet fully mature. Gold has hundreds of years of financial history behind it, while Bitcoin is only 17 years old. Whether it can become a global reserve asset, the article says, will still need time to prove out.