Bitcoin (BTC) “will probably benefit” from a new world monetary order where the US dollar no longer reigns supreme and China’s currency strengthens through the backing of Russian commodities, a report from the major investment bank Credit Suisse predicted, triggering intense debates in the crypto community.

“We are witnessing the birth of Bretton Woods III – a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the Eurodollar system and also contribute to inflationary forces in the West,” the newly published report said.

It further went into detail on the economic fallout of the war in Ukraine, which it said is turning into “a crisis” for the commodity market, given the Western sanctions aimed at “the single-largest commodity producer of the world, which sells virtually everything.”

As a consequence of this, the report – written by Credit Suisse investment strategist Zoltan Pozar – said Russian commodities are “collapsing in price,” while commodity prices outside of Russia “are rallying.” This situation is similar to how certain other markets in the US diverged during the 2008 financial crisis, Pozar argued.

“If we are right, and if this is a “crisis of commodities” – a 2008 of sorts thematically, if not in terms of size or severity – who will provide the backstop,” the report asked.

It went on to answer that the only entity with the ability to do this is the People’s Bank of China (PBoC), since China is among the few countries that can buy cheap Russian commodities and take advantage of the price difference between Russian and non-Russian commodities.

He further explained the current crisis is unlike anything the world has seen since President Richard Nixon took the US off