In a recent episode of Deribit’s Crypto Options Unplugged podcast, Barnali Biswal, CEO of Swedish investment firm Hilbert Group, offered an optimistic long-term outlook for cryptocurrencies amidst growing global economic uncertainty. Biswal suggested that the gradual global shift away from U.S. dollar dominance — a trend increasingly referred to as “de-dollarization” — could present a major opportunity for the crypto market.
As traditional markets react to recent U.S. policy changes, notably President Trump’s new “Liberation Day” tariffs, investors have become increasingly cautious. These sweeping tariffs have contributed to short-term volatility in both traditional and digital asset classes. However, Biswal believes these very challenges may be laying the foundation for a more resilient and decentralized financial ecosystem — with crypto at the center.
“Structurally, everyone feels at a very, very good place in the crypto market in general,” Biswal stated. “But when it comes to traditional risk assets, there is clear weight due to the uncertainty — that policy uncertainty.”
Hilbert Group, founded in 2018, is known for its quantitative and algorithmic trading strategies in the digital asset space. The firm uses statistical indicators such as volatility and asset decorrelation to make informed trades across various cryptocurrency markets. With her deep understanding of crypto market dynamics, Biswal’s insights carry significant weight among institutional investors.
One of her key arguments is that the world is moving toward a “multipolar” structure — where no single currency, including the U.S. dollar, dominates global trade and finance. “We are shifting substantially into a multipolar world where there could be a period of de-dollarization,” Biswal explained. “That’s a pretty significant change, and markets will take some time to adjust to that new normal.”
De-dollarization refers to the gradual process of countries reducing their reliance on the U.S. dollar in international trade, reserves, and financial transactions. This trend has been gaining momentum in recent years, especially among emerging economies seeking to mitigate exposure to U.S. sanctions and currency fluctuations.
For cryptocurrencies, which are inherently decentralized and borderless, this shift could serve as a catalyst for broader adoption. While crypto markets have faced short-term downward pressure in recent weeks, Biswal emphasized that longer-term macro conditions — including inflation concerns, evolving regulations, and increased institutional involvement — could act as strong tailwinds.
Her perspective is echoed by David Brickell, Head of International Distribution at FRNT Financial, who warned of the current stagflation risks impacting risk assets. “It’s the worst scenario for risk,” Brickell said, pointing to Friday’s unexpectedly strong PCE inflation data, coupled with weakening consumer spending and sentiment.
Brickell noted that the U.S. economy seems to be entering a phase of “slowing, not collapsing” growth — a gray area that typically creates nervousness in both equity and fixed income markets. For crypto, however, this uncertain environment may offer an alternative for investors looking to diversify and hedge against traditional market instability.
As the global financial order slowly transforms, the role of decentralized assets is expected to expand. If de-dollarization accelerates, it could open the door for cryptocurrencies to take on a more significant role in global finance — from cross-border payments to store-of-value assets.
In summary, while current volatility may unsettle short-term traders, long-term investors and market analysts like Biswal see this moment as a pivotal turning point for the digital asset industry. As geopolitical and economic shifts continue to unfold, crypto could emerge not only as a hedge — but as a fundamental building block of the future financial system.
