The US dollar’s share of the world’s official foreign exchange reserves has fallen from about 64% to 56% in a decade.
This is not just a statistical shift; it is a sign of a world that is gradually moving away from absolute dependence on a single state currency. A currency whose supply can be increased by the will of policymakers cannot remain the world’s first choice forever in the long run.
Perhaps more important than what currency will replace the dollar is what kind of currency the world needs: a currency whose supply cannot be manipulated, whose value cannot be changed by the will of a government or central bank.
In this sense, the dollar’s decline could be part of humanity’s long journey toward a hard, sound, and independent currency, a currency of which #Bitcoin is a perfect example.
