What if the dollar ceased to be the international reserve currency?

Originally Posted On Publish0x

A few days ago with a group of friends (between drinks and drinks), we were talking about an article I wrote some time ago - Imagining A World Where Fiat Money Does Not Exist - I remember how the debate started but not how we ended it, maybe talking about black holes, or that we live in the matrix, or that the moon is artificial and hollow or whether it was aliens who invented cryptocurrencies to control the world in the future, who knows to what extent we digress, honestly: I don't remember. The thing is that since I am the least prepared person in the group, without false modesty, I almost always end up taking the ideas of those around me to deal with some topics.

The topic in question revolved around the question: What if a sudden adjustment were to change the status of the current world financial system, would it be detrimental to the international economy, my opinion: YES, and the worst thing is that as always the most disadvantaged classes, the masses, would suffer the most. For the record, I consider myself "... an enthusiastic person and promoter of globalization, adoption and understanding of cryptocurrencies...", but I do not live with my back to reality, the consequences and impact of a drastic change in the world economy that currently serves as the basis for financial channels between countries and between different financial sectors are difficult to predict due to various factors, the change would cause recessions, stagflation or inflation in various economies depending on how they react and adjust their monetary policies accordingly.

However, if the US dollar were to cease to be an international reserve currency, the likely positive impact on global commodities and cryptocurrencies would be significant. Many countries would cease to rely heavily on the U.S. dollar for trade, and most likely, there would be a shift to other currencies such as the euro or the Chinese yuan, causing a change in monetary policy at central banks around the world and less influence of the Federal Reserve on global markets.

But let's keep playing with the hypothesis, what would happen to cryptocurrencies if the dollar ceased to be an international reserve currency, much has been speculated on the subject, if the dollar were to lose its status as the world's reserve currency it could create a vacuum that cryptocurrencies would surely fill. Bitcoin, Ethereum, Cardano, etc., would be more reliable assets than the dollar and could be used to establish fixed exchange rates. They would create stability in foreign markets and encourage countries to hold their own cryptocurrency reserves instead of relying on the U.S. dollar. In addition, because cryptocurrencies are not pegged to any particular nation's currency, they could help promote international monetary cooperation by allowing countries to maintain fixed parity rates with each other without having to rely on central bank or IMF assistance. As a global reserve currency, cryptocurrencies could provide a more reliable measure of value than current fiat currencies and help create an economy less vulnerable to fluctuations in exchange rate systems.

If the U.S. dollar were to lose its status as the dominant global currency it would pave the way for the creation of an entirely new financial system, in which digital currencies would not only be accepted, but would become part of the dominant reserve currency ecosystem. This would be a revolutionary change to the current system and could transform the way we use and interact with currencies today. Remember, that although many of us bitcoin advocates have been arguing for years that the dollar will lose its hegemony and that its status as the world's reserve currency is at stake, this article is just a hypothesis, an unverified statement, a conjecture, a speculation by the author lacking confirmation or refutation, but what if it were to happen, what do you think?

 “Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.

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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.