Kohen also pointed out the possibility of digital dollarization. The analyst noted that regulated stablecoins could be used instead of physical cash in modern restructuring processes, stating that assets like USD Coin, issued by Circle, offer advantages in terms of traceability, programmability, and regulatory compliance. According to the analyst, stablecoins serve as gateways to the cryptocurrency market. The expansion of digital dollar usage could increase wallet penetration and, in the long term, pave the way for a shift in demand for Bitcoin as a store of value. Kohen compared this process to the mining ban in China in 2021. Reminding that at that time, hash rate quickly shifted to the West, and corporate ownership share was growing, the analyst argued that the shock from Iran might be less significant in terms of hash rate but more impactful in terms of geopolitical symbolism.