The US dollar is at risk of losing its status as the world’s dominant currency. That’s according to one strategist at JP Morgan’s private bank who is advising wealthy clients cut their dollar holdings in half.
While the note doesn’t mention it directly, bitcoin is an obvious hedge for many of the issues cited by JP Morgan. The private bank also recommends clients increase their portfolio allocation to a “store of value,” specifically gold. Arguably, bitcoin is also becoming a recognized store of value and may deserve a place in a defensive portfolio.