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While the investment bank speculates that gold could replace the dollar, the crypto community contends that bitcoin, with its deflationary monetary policy, is the best alternative to the dollar. Bitcoin's pace of supply expansion is reduced by 50% every four years via a process called mining reward halving.

The buck, off almost 5% in 2020, could dive another 20%, Citigroup warns. The slumping dollar can expect to drop some morea lot more, actuallyaccording to Citigroup: some 20% next year, on top of the 4.9% it has fallen thus far this year.

China wants its currency, the yuan, to replace the U.S. dollar as the world's global currency. That would give it more control over its economy. As China's economic might grows, it's taking steps to make that happen.

For the time being, no cryptocurrency has effectively overtaken fiat in any part of the world. In the end, it may be payment apps like SPEDN which most dramatically open up cryptocurrency payments to real-world applications.

Summary. Bitcoin could potentially replace the U.S. dollar as the world's reserve currency, but for this to happen, the digital currency would need to make progress in several important areas. Currencies serve as a medium of exchange, a store of value and a unit of account.

Summary. Bitcoin could potentially replace the U.S. dollar as the world's reserve currency, but for this to happen, the digital currency would need to make progress in several important areas. Currencies serve as a medium of exchange, a store of value and a unit of account.

It's unlikely that the U.S. dollar will collapse at all. Countries that have the power to make that happen, such as China, Japan, and other foreign dollar holders, don't want it to occur. It's not in their best interest.