Quote from: Orpichukwu on April 11, 2023, 09:05:07 AM

Will there be any negative impact on the world economy if a hatch decision is being taken towards abandoning the USD for any alternative?

The dollar is to a large extent more stable than most currencies, which is why it was using it for international trade is convenient. International trade will be more complex if the dollar is ditched because some local currencies are highly volatile.

Chinese Yuan seems to be the currency that might want to compete with the dollar, but there has not been a consensus that it will be the alternative. Except for the BRICS nation adopts the Chinese currency or they decide to introduce a common currency, there is still no agreement of which currency to adopt.

The best decision would be let every nation accepts other nation's currency in international trade.

Quote from: Darker45 on Today at 04:33:52 AM

The advice has to be qualified further. If Peter is saying everybody should be getting rid of their US dollars now and shift to Bitcoin, then perhaps it makes some sense. But if he is simply saying get rid of the US dollars, that's a bit misleading. As a matter of fact, if I kept my savings in USD rather than my own local currency, I would have made a decent profit. So which asset or currency shall we be converting our US dollars to? Gold? It barely even moved for the past 10 years.

Most of these nations pushing for de-dollarization simply want to make their currency stronger. It would have been better for every nation to switch to another currency that is not centrally controlled. And bitcoin would have been a good alternative to the dollar because it is decentralized and no country will feel cheated.