Zoltan Pozsar: The global economy is moving towards Decentralization, and gold remains the preferred safe-haven asset.

Golden Finance reported live that on October 1, 2025, at the Token 2049 event, renowned analyst Zoltan Pozsar pointed out that the global economic system is accelerating towards Decentralization. He mentioned that the world is splitting into two major camps: the "Western Federation" and the "Eastern Federation." U.S. policies are prompting a reversal of its economic role, shifting from a traditional "consumer center" to a "production center," a process that is shaking the old economic order that was dominated by the U.S. dollar. Regarding the current economic risk points, Pozsar stated that Europe is suffering from insufficient investment in infrastructure and defense, deeply affected by U.S. interest rate policies and trapped in short-term difficulties; Japan and South Korea are impacted by U.S. high interest rates and trade bundling strategies, with their economic operations facing difficulties and immense pressure on currency and asset markets; emerging markets are long-term troubled by high inflation and depreciation of local currencies, while also facing risks of capital outflows. In this context, although the U.S. dollar is supported in the short term due to allies sharing costs and the expansion of stablecoin usage scenarios, its long-term status may be shaken. In terms of investment advice, Pozsar emphasizes that gold remains the preferred safe-haven asset, as the market faces an increasing crisis of trust in fiat currency, driving up gold prices. He also points out that while Bitcoin has certain characteristics of a savings alternative, its price is highly volatile and significantly affected by regulation, making it difficult to become a mainstream savings tool; U.S. Treasury bonds are stable in demand in the short term due to policy support, but in the long term, risks may arise from a decline in allies' willingness to purchase.