As long as the US Dollar remains as the reserve and trade currency of the world, it will be having an unfair advantage over the other currencies. They are able to sell their debt at extremely low interest rates of 1% to 1.5% per year. China and Japan currently have trillions of USD worth of US treasury bonds in their reserves. On the other hand, if a country such as India need to borrow money, then they need to offer a much higher interest rate. The BRICS nations have now proposed to come up with a different system for international trade. Let's see how it goes.
The USD may still be the world's reserve currency but that may not last for long. Everything will depend on how the FED will act against ever-increasing inflation rates. If inflation gets out of control, then USD will lose traction at a very fast pace. That will devastate the global economy to a point of no recovery. Some countries are quickly getting out of the USD system before that happens. But others haven't expressed their intentions to get out of the dollar anytime soon. Bitcoin's price is determined in Fiat, so it's likely the fall of the USD will cause BTC to go down the drain within a short period of time. After that, the EUR or another currency will take over the global economy. No one knows what will happen in the future so we can only hope for the best. Just my thoughts
