As fears of stagflation and policy volatility intensify, the CEO of Hilbert Group believes the erosion of U.S. dollar dominance could ultimately benefit crypto markets.
Speaking on the Crypto Options Unplugged podcast, Barnali Biswal, Hilbert’s chief executive, described current macroeconomic pressures as short-term headwinds but emphasized the longer-term potential of a “multipolar world” where de-dollarization gains momentum.
“We are shifting substantially into a multipolar world where there could be a period of de-dollarization,” Biswal said. “That’s a pretty significant change, and markets will take some time to adjust to that new normal.”
Hilbert Group, a Swedish investment company focused on algorithmic trading in digital assets, was founded in 2018. Biswal said crypto markets are positioned favorably despite the current environment. “Structurally, everyone feels at a very, very good place in crypto market in general,” she added.
The timing of her comments comes amid rising global uncertainty driven by U.S. policy shifts, including tariffs enacted under President Trump’s “Liberation Day” measures.
Policy Risk and Crypto Sentiment
Biswal tied short-term price volatility in both crypto and traditional markets to heightened policy risk. “There is clear weight due to the uncertainty — that policy uncertainty,” she said.
Her outlook contrasts short-term caution with a broader structural transition. She framed the decline of dollar hegemony as a catalyst for alternative assets, including digital currencies. In her view, this geopolitical and monetary shift supports the foundational case for crypto adoption.
She cited increased market maturity, regulatory engagement, and institutional participation as contributing to a favorable setup.
“Fundamentally… any kind of external backdrop [is] very, very favorable for the crypto assets,” Biswal said.
Stagflation Concerns Pressuring Markets
Joining the discussion, David Brickell, Head of International Distribution at FRNT Financial, pointed to inflation and growth concerns as key drivers of investor anxiety. “It’s the worst scenario for risk,” he said, referencing a stronger-than-expected PCE inflation report released on Friday, coupled with weak consumer sentiment and soft spending.
Brickell described the current economic setting as one of “slowing, not collapsing” growth, underscoring the cautious positioning seen across markets. “The market hates uncertainty,” he said, noting that the only path to a significant rally lies in removing that uncertainty — a scenario he does not expect to unfold quickly.
Despite increased interest, institutional investors remain cautious, Biswal noted. Many are waiting for clearer regulatory frameworks before entering the market in force. “It’s going to take time,” she said, emphasizing that large financial institutions need legal clarity before deploying capital at scale.
She described the current lack of leverage in crypto markets as another indicator of institutional restraint. “Books actually look pretty clean,” Biswal observed, pointing to a de-risking trend that has left sophisticated traders with low exposure.
Still, she remains optimistic. “This is probably the best setup we have seen in this market,” she said, predicting institutional inflows once policy conditions stabilize.
