最新报道：According to Bijie.com, at the Token 2049 event on October 1, 2025, renowned analyst Zoltan Pozsar noted that the global economic system is accelerating toward decentralization. He noted that the world is splitting into two major blocs: the "Western Federation" and the "Eastern Federation." US policies are causing a reversal in its economic role, shifting from its traditional "consumption center" to a "production center," a process that is shaking the old economic order dominated by the US dollar. Discussing the main economic risks, Pozsar noted that Europe, due to insufficient investment in infrastructure and defense, faces short-term difficulties due to US interest rate policies. Japan and South Korea, impacted by high US interest rates and trade bundling policies, face economic challenges and increased pressure on currency and asset markets. Emerging markets have long been plagued by high inflation and currency devaluation, while also facing the risk of capital outflows. Against this backdrop, while the US dollar is being supported in the short term by cost-sharing among allies and the expansion of stablecoin use cases, its long-term dominance may be undermined. In terms of investment advice, Pozsar emphasized that gold remains the preferred safe-haven asset, and the deepening market crisis of confidence in fiat currencies is driving gold prices higher. He also pointed out that while Bitcoin has certain savings alternative properties, its price volatility and regulatory influence make it difficult for it to become a mainstream savings tool. While demand for US Treasuries remains stable in the short term due to policy support, long-term caution is warranted regarding risks arising from declining purchasing interest from allies.