Why Bitcoin is not a threat to the dollar, according to new technical reports

The narrative that positions Bitcoin as the ultimate executioner of the US dollar has begun to crumble under the weight of technical data and market realities in 2026. 

For years, political and academic discourse has focused on the supposed ability of decentralized assets, such as Bitcoin, to erode the monetary sovereignty of major powers. However, a recent and comprehensive analysis of Bitcoin Policy Institute It yields a conclusion that challenges the traditional consensus: far from being a threat, Bitcoin is acting as a reinforcing mechanism for the US currency on a global scale. 

The thesis presented by the organization argues that the architecture on which the cryptocurrency trade is based not only depends on the dollar, but also exports it more efficiently than conventional diplomatic or banking channels.

Bitcoin, the digital revolution that strengthens the dollar

The central argument of the analysis presented by the BIS lies in how digital financial rails are constructed and operate. Observing the movement of money within the global ecosystem, it becomes clear that Bitcoin is not measured against multiple local currencies or traditional assets like gold. Its primary benchmark remains the US dollar. On asset exchange platforms and in decentralized finance systems, the price of Bitcoin is almost always defined in relation to this currency, which acts as the common standard for evaluating its value.

Consequently, analysts emphasize that this technical dependence makes the dollar an indispensable element within the digital environment. Any person or institution that interacts with Bitcoin ends up, directly or indirectly, using dollar-denominated instruments. The result is a constant demand for liquidity based on this currency, which circulates through digital channels to regions where the traditional banking system cannot operate with the same efficiency or reach, according to [the source]. notes the institute in its report.

This reality is amplified by the use of the dollar-pegged stablecoinsCurrently, these stablecoins represent the vast majority of settlement volume in the digital asset sector. When an investor in an emerging market decides to protect their capital in Bitcoin, they typically do so using these digital representations of the dollar as a bridge. Therefore, according to the organization's analysts, what we are witnessing is asilent dollarization» facilitated by blockchain technology. 

Instead of replacing the greenback, Bitcoin has provided a more agile and resilient infrastructure for the dollar to maintain its relevance in the age of digital scarcity. This theory aligns with what has been argued Christopher WallerThe governor of the Federal Reserve (Fed) of the United States, Waller, has argued in various speeches that stablecoins act as a channel to extend the use of the US dollar in the digital economy. Because stablecoins are typically backed by US Treasury bonds, Its growth increases the demand for US debtintegrating Bitcoin and its technology as an agile infrastructure that supports this system.

The new “petrodollar”: Bitcoin as an exporter of monetary sovereignty

The Bitcoin Policy Institute likened Bitcoin's current role to the "petrodollar" system, which valued oil in dollars starting in the 70s. According to its analysts, at that time, the decision to price crude oil exclusively in dollars led nations to accumulate large reserves of that currency in order to participate in energy trade. This link between energy and the dollar sustained the United States' financial hegemony for decades.

Today, something similar is happening in the digital realm. The organization argues that the most popular cryptocurrency is generating a new form of global interdependence. Bitcoin has become a systemically important asset, capable of indirectly creating demand for dollars, and as more governments and institutions include it in their reserves, the infrastructure that supports its use—such as custody, settlement, and insurance—continues to rely on financial structures under U.S. jurisdiction.

This effect has unexpected consequences for Washington's economic policy. While some countries seek to reduce their exposure to the US Treasury, millions of users and businesses are moving in the opposite direction. Every Bitcoin transaction and every new wallet reinforces the dollar's presence as a universal standard of value. 

In sum, the BIS argues that, far from eclipsing the dollar, Bitcoin's decentralized network has become the most agile and modern channel the US currency has had to expand its influence in the digital economy.