Zoltan Pozsar examines the global economy against the backdrop of its transformation and revaluation of safe-haven assets

At the Token 2049 conference in October 2025, renowned macroeconomic analyst Zoltan Pojar presented his vision of global financial transformations. He believes the world economic system is undergoing a fundamental reorganization, moving away from a centralized model built on U.S. dollar dominance.

Bipolar World: Rethinking the Global Order

Zoltan Pojar emphasized that the modern world is divided into two major economic spheres of influence. This geopolitical shift is accompanied by a radical change in the role of the United States in the global economy. The traditional model, where the American economy functioned as the center of consumption, is giving way to a production-oriented model. This shift poses serious challenges to the traditional international financial order.

Regional Economic Turmoil and Currency Risks

According to the analysis, different regions are experiencing various economic pressures. Europe faces two main factors: insufficient investment in critical sectors and the impact of U.S. interest rate policies, creating short-term economic difficulties.

Asian economies—Japan and South Korea—are experiencing particularly acute challenges. High U.S. interest rates combined with trade restrictions are putting pressure on their currency and financial markets. For developing economies, the situation is even more critical: they have long suffered from chronic inflation, currency devaluation, and the risk of massive capital outflows seeking more stable assets.

Why Zoltan Pojar Prefers Gold

Regarding investment strategy, the analyst expressed a clear stance: traditional gold remains the most reliable store of value amid growing distrust in fiat currencies. The deepening crisis of confidence in paper money naturally strengthens the position of precious metals in the market.

As for Bitcoin, Pojar recognizes its potential as an alternative store of value but points out two significant limitations: high volatility and constant regulatory influence. These factors, in his view, hinder the cryptocurrency from becoming a mass wealth preservation tool.

The Dollar: External Support and Long-term Doubts

Despite the current stability of the U.S. dollar, supported by political backing from allies and the expanding use of stablecoins as a mechanism for cost redistribution, the long-term trajectory of U.S. dollar dominance raises serious questions. Zoltan Pojar warns of the need for careful risk monitoring: as allies’ interest in U.S. Treasury bonds may decline, the structural vulnerability of the dollar system will become more apparent.