Goldman Sachs Deals Crushing Blow to De-Dollarization: USD Still King in 2025

Wall Street's golden child just poured cold water on the de-dollarization dream.

Goldman Sachs doubles down on USD dominance—while crypto bulls gnash their teeth.

Here's why the old guard isn't going anywhere (yet).

The dollar's death was greatly exaggerated. Again. Another day, another 'USD collapse' narrative debunked by the suits who actually move the markets. But hey—at least Bitcoin maximalists get fresh ammo for their 'rigged system' rants.

US Dollar Dominance Declining, But Will Reign Supreme

According to Gurpreet Garewal, macro strategist at Goldman Sachs, US stocks have recovered from the tariff dip. US stocks not just reclaimed, but have gone higher than pre-tariff prices. The US dollar, on the other hand, does not follow the same pattern. Garewal highlights the growing sentiment that the dollar may be overvalued at the moment. The strategist believes this narrative is overstated. Garewal states, ““

The Goldman Sachs strategist does not believe that the US dollar is on the verge of losing its global reserve status. Garewal noted the greenback’s current dominance in global foreign exchange reserves. She also calls attention to the fact that there are no alternative matches. The US dollar’s scale and liquidity make it a SAFE bet for global trade.

Garewal’s statements come as a major blow to the de-dollarization movement. While the strategist acknowledges the diminishing dominance of the US dollar, she believes that the USD will remain in power. Garewal states, ““

The ongoing conflict between Israel and Iran has led to substantial uncertainties in global markets. Further escalation could lead to a substantial dip in the US dollar’s position. Iran is already a sanctioned nation. The country also finds backing from Russia and China, two major proponents of the de-dollarization agenda. A de-escalation could bring much-needed sentiment boost to investors.