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.
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I am of the opinion that bitcoin cannot and will not end dollars reign. At best, both will exist side by side, complementing each other.
One of your point of argument is that dollar is stronger because other currencies are pegged against it. You should, however, also realize that bitcoin itself is also pegged against the US dollar which give the dollar an edge over bitcoin.
Bitcoin can't also be number one currency as it's too young for that. Half of the world do not have a clue as to what bitcoin is and even half of those that know consider as scam. Bitcoin is still growing and maybe, just maybe, it might become the number one currency.