On-site online report, on October 1, 2025, at the Token 2049 event, well-known analyst Zoltan Pozsar pointed out that the global economic system is accelerating towards decentralization. He mentioned that the world is dividing into two camps: "Western Federation" and "Eastern Federation". U.S. policies have prompted its economic role to reverse, transforming from a traditional "consumption center" to a "production center". This process has shaken the old economic order with the dollar as absolute dominance. Talking about the main risk points of the current economy, Pozsar said that Europe has insufficient investment in infrastructure and defense and is in short-term difficulties due to the impact of U.S. interest rate policies; Japan and South Korea have been hit by U.S. high interest rates and trade-bundling strategies, making their economies difficult, and the pressure on the currency and asset markets has doubled; emerging markets have long been plagued by high inflation and devaluation of their currencies, and face the risk of capital outflows. In this context, although the US dollar is supported in the short term by allies sharing costs and expanding the use of stablecoins, its status may be shaken in the long run. In terms of investment advice, Pozsar emphasized that gold is still the first choice for safe-haven assets, and the market's crisis of trust in the fiat currency has intensified, driving gold prices strong. He also pointed out that although Bitcoin has certain savings substitution properties, its price fluctuates violently and is greatly influenced by regulation, making it difficult to become a mainstream savings tool; demand for U.S. Treasury bonds is stable in the short term due to policy support, and in the long run, it is necessary to be vigilant against risks caused by the decline in allies 'willingness to purchase.