[Editorial] Not De-dollarization, but the Beginning of "De-fiatization"

French thinker Voltaire once left us with a quote: “Paper money will ultimately return to its original value—zero.” This statement was once seen as a satirical motto, but as the figures of gold at $5,000 per ounce and silver at $100 per ounce become reality in January 2026, this remark is no longer mere philosophical rhetoric. The market calls it “de-dollarization,” but what truly matters is not the dollar itself, but the collapse of confidence in fiat currency overall. What is happening now is not “de-dollarization,” but “de-fiat-ization.”

The crisis of fiat currency is a “systemic issue,” not a “dollar problem.”

De-dollarization is a phenomenon. Its essence is a structural shift where capital withdraws from all currencies solely issued based on central government credit—that is, fiat currencies. Over the past decades, the world has repeatedly fallen into the temptation that “printing more money can solve problems.” Deficits and debts continue to accumulate, with their burdens quietly shifted through currency devaluation. Inflation is no longer just an economic phenomenon but has become a mechanism for wealth redistribution.

Of particular concern are the most conservative investors—the actions of central banks worldwide. While they verbally emphasize stability and trust, their actions tell a different story. Since 2026, the trend of reducing U.S. debt holdings and increasing gold reserves has become increasingly evident. Their proactive moves are not merely portfolio adjustments but signals that they are beginning to calculate the “shelf life” of the fiat monetary order.

The “Era of Credit” is ending, and the “Era of Physical Assets” is returning.

J.P. Morgan once said, “Gold is money; everything else is credit.” The past 40 years have been dominated by credit over physical assets. Bonds, derivatives, leverage, and liquidity have led the economy. But the market in 2026 shows that this order has reached its limit. Gold, silver, and even commodities like crude oil and natural gas are rising in tandem. This is not just a “price increase.” It is a warning that digital systems are beginning to be unable to bear the scarcity and risks of physical assets.

Coupled with the normalization of geopolitical conflicts and financial sanctions, the market is re-examining “counterparty risk.” Currencies and bonds are promises from one party; they are only effective as long as the system is maintained. Conversely, physical assets like gold, and limited-issuance assets like Bitcoin, do not require any guarantor. Their existence is self-sustaining. The deeper the crisis, the more capital will flow into “assets that do not rely on anyone’s credit.”

Voltaire’s “zero” is not a prophecy of destruction but a warning.

Voltaire’s words do not mean that fiat currency will disappear immediately. But its value can be infinitely diluted, and over time, its purchasing power will inevitably decline. The problem is that this process always occurs “gradually.” When people truly perceive the crisis, it is often too late. Therefore, the current situation—short-term surges in gold and silver, synchronized movements in commodities, and even central banks joining the action—should not be viewed as mere economic fluctuations but as the beginning of a systemic transformation.

During this transition, individuals and enterprises should be very clear about what to do.

First, increase the proportion of “real money.” Gold, silver, and assets like Bitcoin, which have limited supply and are difficult to manipulate politically, will serve as shields during the collapse of currency value. This is not about chasing trends but about survival logic.

Second, understand the paradox of debt. In a scenario where the value of fiat currency weakens over the long term, fixed-rate debt may actually serve as a defensive asset. But the precondition is that its structure must be supported by physical assets and cash flow, not based on blind leverage.

Third, do not mistake volatility for “noise.” The current chaos is not a short-term adjustment but a process of fissure and reorganization of the monetary order. When the monetary system wavers, the benchmarks for asset allocation also change. Those who trust only a single currency, a single asset, or a single system will be the first to fall.

As the term “de-dollarization” becomes a buzzword, the market is raising a more fundamental question. It is not “Is the dollar safe?” but “Can the fiat currency system still serve as an absolute cornerstone in the future?” The answer has long been revealed by prices and flows.