The Fed does not rule out that cryptocurrencies may reduce the dominance of the US dollar

The days when the total market capitalization of cryptocurrencies was only a few billion are gone, and no one can really ignore it. The latest news here is directly from the USA when the Fed admitted that the dominance of the US dollar can be weakened by currencies such as the EURO, CNY but also by cryptocurrencies. This may have been shared by the Board of Governors of the Federal Reserve System in an extensive report entitled “The International Role of the US Dollar”.

The report also recalls that in modern history, the US dollar has lost its status as an international and dominant currency only once, when it was replaced by the British pound. However, after the financial crisis, combined with the First World War, the US dollar regained its lead and there are currently only a few factors that could threaten it. However, whether this will really happen remains, at least for now, a mystery. What do you think?