Forbes has suggested that Bitcoin could become a neutral reserve asset for the global financial system, reviving debate over the US dollar’s dominance and the structural tensions known as the Triffin dilemma.
The publication argued that the dollar’s reserve currency status gives the United States cheaper imports and easier government borrowing, but also strengthens the currency and makes US exports less competitive. Forbes linked this to the Triffin dilemma, a concept dating back to the Bretton Woods era, describing the conflict between supplying enough dollars for global trade and maintaining domestic economic balance. The modern system has largely relied on US government bonds since President Richard Nixon ended gold convertibility in 1971, but fundamental contradictions remain unresolved.
Forbes said stablecoins are unlikely to solve the reserve asset problem because regulated payment stablecoins, including under the GENIUS Act, are tied more closely to liquid dollar assets such as US Treasuries. Gold remains a neutral reserve asset but has limitations in portability, verification, and transaction efficiency.
Bitcoin, by contrast, has a fixed supply, requires no government credit guarantee, and can be verified and transferred globally. Forbes suggested it could eventually reduce the global economy’s dependence on a single country’s debt instruments, although price volatility and limited institutional adoption remain major obstacles.
US Vice President JD Vance’s earlier comments added to the debate. He said global demand for dollars brings advantages but can also make US exports less competitive. The US has already taken a limited step toward Bitcoin reserves through the Strategic Bitcoin Reserve created in March 2025 using government forfeitures. Central banks bought more than 1,000 tonnes of gold annually in 2022, 2023, and 2024, reinforcing gold’s position as the leading politically neutral reserve asset.
