A silent currency war is unfolding before us. In the seemingly calm financial world, a century of power restructuring is taking place beneath the surface. This is not the familiar struggle between Republicans and Democrats, nor is it a confrontation between retail investors and Wall Street; rather, it is a fundamental contest concerning the future of the dollar.
The core of the old order is the traditional dollar system supported by the Federal Reserve and commercial banks (especially JPMorgan Chase). The seeds of the new order are found in the digital dollar blueprint led by the Treasury, where stablecoins and Bitcoin reserves play a crucial role.
In the past fifty years, the old order dominated global finance; in the past two years, the new order has quietly taken shape; and in recent months, this war has moved from behind the scenes to the forefront.
JPMorgan: Much deeper than you see.
When Trump mentions JPMorgan on social media, he is not naming them casually. This bank is far from an ordinary financial institution; it is the actual executor of the global U.S. dollar settlement system. It controls a large amount of flow in the dollar clearing system, manages the assets of top institutions, and influences the pricing of commodities and foreign exchange markets—if the Federal Reserve is the brain, JPMorgan is the neural network that keeps the system running.
Several recent events are worth pondering: MicroStrategy's stock has faced unusually strong short selling, and these shorting forces are closely related to JPMorgan; multiple brokerages reported technical delays in the transfer of MicroStrategy's stock, which is usually a signal that occurs only during extreme market tension; JPMorgan executives strongly opposed the Treasury-led proposal at a stablecoin hearing.
None of this is a coincidence. JPMorgan is defending a system that has been running for half a century, and this system is facing unprecedented challenges.
The Treasury's secret layout.
The cracks appearing in the global monetary system have already raised the Treasury's high alert. Fluctuations in U.S. Treasury rates, the backlash effect of SWIFT sanctions, and the shift of multiple countries to local currency settlements—these phenomena have prompted the Treasury to consider: is there a need to establish a new dollar framework that does not rely on the traditional banking system?
The answer is beginning to surface. The Treasury is quietly promoting a historic plan: to build a new system characterized by stablecoins and programmable dollars, in which Bitcoin may play the role of a reserve asset. This is not a fantasy of crypto enthusiasts, but a reality that is happening:
Several stablecoin companies have begun to accept the Treasury's regulatory framework.
The Treasury has established strategic cooperation with institutions like Circle.
Congress is seriously discussing making stablecoins a legal channel for U.S. dollar issuance.
The U.S. government has repeatedly mentioned the strategic reserve value of digital assets.
The goal is clear: to weaken the Federal Reserve and commercial banks' dominance in currency creation, allowing the Treasury to regain control over the issuance of the U.S. dollar.
Bitcoin: An unexpected battlefield.
Both sides are suppressing the price of Bitcoin, but their motivations are entirely different.
The Treasury does not want Bitcoin to soar too early, as this would affect its quietly accumulated strategic layout and drive up the costs of constructing a new system. Similarly, JPMorgan does not want Bitcoin to rise, as this may accelerate the collapse of the traditional system and enhance the influence of bridge institutions like MicroStrategy.
Thus we see familiar tactics: derivatives suppression, liquidity sniping, panic emotion amplification—strategies that have been rehearsed in the gold market for decades are now applied in the Bitcoin market. The silence chosen by the Treasury is itself a strategy.
MicroStrategy: Why has it become a focal point?
MicroStrategy has evolved into a key bridge from the traditional financial system to the Bitcoin world. For institutions restricted by regulation from directly holding Bitcoin, and for large capital seeking to avoid traditional system risks, MicroStrategy provides a compliant access channel.
If this bridge continues to expand, it may develop into a core node of a decentralized reserve system, even becoming a collateral channel for future digital dollars. This is precisely why the old system is trying to prevent it, while the new system is secretly protecting it.
The countdown has already begun.
The Trump administration's reform space in the monetary system largely depends on whether it can control the Federal Reserve Board. Currently, it seems that the time window is closing: a key vote is scheduled for February 2025, and the midterm elections may change the balance of power in Congress, while the risk of economic recession may be exploited by political opponents.
If the governance structure of the Federal Reserve cannot be reshaped in the short term, the Treasury's digital dollar plan may be hindered, and the old system will re-establish its position. This is why various financial phenomena have seemed so urgent recently—both sides are racing against time.
A deeper truth.
When we piece these fragments together, we see a clear picture:
JPMorgan is fighting a defensive battle for the old order.
The Treasury is constructing a new monetary framework that bypasses traditional banks.
Bitcoin has become the proxy battleground for both sides.
MicroStrategy plays a key bridging role in the system's transformation.
Federal Reserve governance has become the bottleneck of power restructuring.
This is not just an upgrade of financial technology, but a reset of the monetary system at the level of civilization.
Two possible futures:
If the new system is successfully established, the U.S. will have the world's most advanced digital dollar infrastructure, stablecoins will become the global settlement standard, Bitcoin will become a national reserve asset, and the Treasury will regain monetary sovereignty.
If the old system holds its ground, the U.S. will continue to rely on an increasingly fragile financialization model, and global monetary leadership may gradually be ceded to other emerging systems.
The next 12 to 24 months will determine the direction of this currency war.
The real watershed is not between the two financial systems, but between mathematics and power. Bitcoin represents the absolutism of code and mathematics, while the state represents the coerciveness of institutions and power, and large banks represent the complexity of capital and interests. The collision of these three forces is reshaping the financial world as we know it.
The dollar can be restructured, the system can be restarted, but the laws of mathematics will not compromise. In this invisible war, regardless of which side wins, the fundamental value of Bitcoin as an emerging monetary system cannot be changed. The true future belongs to those who can see through appearances to understand the essence!
Source: Wall Street Crypto Intelligence Bureau
