"Wow, I can't wait to see if the price will go up if there is de-dollarization."
Some experts in the cryptocurrency market are confident that the price of digital assets will see a significant jump in the near future if "de-dollarization" occurs, that is when a country reduces its dependence on the United States (US) dollar.
In context, the US dollar serves as a global reserve currency, where the majority of international trade such as oil, commodities, bilateral relations, increasing forex reserves and others will be settled in USD.
In simple terms de-dollarization is the process of replacing the US dollar as the base currency for the transactions mentioned above.
As more and more countries are now in the process of reducing their dependence on the US, alternative currencies are on the rise as the US dollar gradually loses its value.
Earlier this week, Russian President Vladimir Putin announced that he would use the Chinese Yuan instead of the US dollar for international payments while Saudi Arabia also intends to make a similar move.
In addition, South American economies such as Argentina and Brazil are exploring the creation of a "common currency"* while India and the United Arab Emirates are examining the use of the Rupee to trade non-oil commodities.
*A monetary system shared by two or more countries
The streak, crypto experts predict the abandonment of the US dollar as a global reserve currency will lead to a decrease in its value further prompting the country to take advantage of the use of Bitcoin (BTC), Ethereum (ETH) or stablecoins.
