The Dollar Reset Runs Through Bitcoin | Matt Dines
Matt Dines, CIO of Build Asset Management and author of "The Offshore Dollar Is Being Left Out to Dry" on mindprinthash.com, joins Jackson, Brian, and Michael to walk through the structural shift in the global dollar system that he argues is the single most important macro story of 2026. Matt traces the unwind of the post-Bretton-Woods offshore-dollar (eurodollar) system back to 2008, explains how the Federal Reserve's deprecation of LIBOR in favor of SOFR moved the dollar's command center from London to New York, and frames the 2024 election as a fork in the road between Biden's CBDC path (EO 14067) and the Trump / Sovereignist asset-backed dollar path. He details the playbook unfolding under Scott Bessent and Treasury: the GENIUS Act stablecoin as the bridge, a Bitcoin reserve targeting 1 million BTC (per Congressman Begich's American Reserve Modernization Act, the successor to Senator Lummis' Bitcoin Act), and gold becoming the biggest liquidity pool while the offshore dollar drains. Matt argues that Bitcoin is NOT yet seen as a risk-off asset by the market, but the long-term setup points there. He reframes MicroStrategy as a "dollar strategy" rather than a Bitcoin strategy: borrowing US onshore equity-market liquidity at 11-13% to go long Bitcoin priced primarily in the OLD offshore-dollar (Tether) standard, with major implications for stretch and the broader DAT trade. Plus historical parallels (Civil War greenbacks transitioning to the gold-pegged dollar of 1875; silver certificates phasing out for Fed notes from 1957), Tether's December 2023 alignment with the American Sovereignist movement, the Schwab UTXO Bitcoin custody rollout, and how to position for the most violent middle innings of this dollar transition.
