When the pandemic hit, the US dollar was as mighty as ever. Despite talk of faltering American supremacy, the dollar ruled as the medium of international trade, the anchor against which other nations value their currencies, and the “reserve currency” most central banks hold as savings.
Before the US, only five powers had enjoyed the coveted “reserve currency” status, going back to the mid-1400s: Portugal, then Spain, the Netherlands, France and Britain. Those reigns lasted 94 years on average. At the start of 2020, the dollar’s run had endured 100 years. That would have been reason to question how much longer it could continue, but for one caveat: the lack of a successor.
People are different in their taste of the medium of transaction. Also, people hardly give up their habits. At the same time, there is so much centralized power that backs the dollars. It is a hard job to do to break the kingdom of USD. Yes, bitcoin or other cryptocurrencies have the potential of overcoming the dollar but unlikely it will happen in near future. It takes time for people and the financial system to adapt to changes. At some point in our lives, yes cryptocurrencies will end the reign of dollar.