Fidelity Digital Assets this week published a report highlighting what it calls 'growing evidence' that nation-states and central banks are moving away from dollar-based systems. The asset manager says these entities are increasingly turning to Bitcoin and gold as alternative settlement mechanisms outside US control.
A Shift in Reserve Thinking
The report, released Thursday, notes the trend is not just speculative. Central banks are actively exploring ways to reduce reliance on the dollar for cross-border settlements. Fidelity's digital assets arm describes Bitcoin and gold as 'natural candidates' for a multipolar reserve system — though it warns the shift is still in its early stages.
Bitcoin as a Settlement Tool
The findings align with broader moves by a handful of sovereign states, though Fidelity doesn't name specific countries. Instead, it focuses on the structural logic: Bitcoin is a non-sovereign, neutral asset that can function outside the US financial plumbing. Gold remains the dominant alternative today, but Bitcoin's share is climbing.
What's Driving the Move
Geopolitical tensions, sanctions, and the push for financial autonomy are the key drivers, the report says. Fidelity stops short of calling it a full-scale decoupling — but the evidence is 'growing'. The timing matters: the US dollar's grip on global reserves has been loosening for years, and crypto markets are watching closely.
The report lands as the dollar faces its most sustained challenge in decades. How quickly the trend accelerates will depend on regulatory clarity and Bitcoin's ability to serve as a stable settlement layer. Fidelity's next quarterly update is expected in August.
