An interesting take on the current dedollarization happening: We did it to ourselves. But, not in the way you'd think. It wasn't directly because of printing of money. It was because of Russian sanctions a year ago. We showed the world that we'll stop your ability to use the US dollar and we'll attempt to seize those dollar assets if you try to save them. Russia has commodities they need to sell. They can't sell them for dollars. They can't save in dollars, because they can't use them. So, Russia will seek non-USD trading currencies with their trading partners. Other nations will follow suit just in case "it happens to them".
Discussion
Very good point. Also maybe add Nixon in there and our history of defaulting & stealing other countries wealth. That too. Gold played a role here too, training other countries to HODL & never trust again.
And, Russia reversed its stance on crypto.
First, Russia was threatened by crypto. So, they banned it.
Now, they see how useful it is. So, they are legalizing it. Now, they want to "bring the digital currency industry out of the shadows and create the possibility of legal business activities."
https://blockworks.co/news/russia-moves-to-recognize-crypto-as-a-form-of-currency
Not really. They plan to regulate some use by and through institutions, with full KYC, but proper self-custodial use will be criminal offense.
Said it the day it happened, all is playing out as I expected it would. It's sad we took the bait.