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“In times of turmoil, the U.S. still shoulders a lot of responsibility and enjoys good will. The country’s recent disgraces are irrelevant to this financial reality. The green back may be tired, but it is still mighty. The more we print dollars, the more it rallies.”

At the same time, most experts agree that the potential demise of the dollar’s reserve-currency status is a rather distant prospect. Even amid the current pandemic-induced economic turmoil accompanied by a massive injection of dollar liquidity by the Federal Reserve, the markets’ faith in the incumbent reserve currency seems largely unfaltering. Marc Fleury, the co-founder and CEO of financial technology company Two Prime, commented to Cointelegraph

Steve Kirsch, the CEO of the digital currency platform M10, is on board with Sachs’s assessment of the dollar’s current international standing. Kirsch told Cointelegraph that “President Trump is arguably the biggest force driving the rest of the world away from the USD and seeking an alternative.

The current administration has paid little heed to these words. President Donald Trump has ramped up the use of sanctions and other financial restrictions against states such as Iran and China, weaponizing U.S. economic power to a new level. As the economist Jeffrey Sachs argued, this has led to the formation of a counter-coalition of disgruntled nations, with China and Russia at the helm, that have accelerated their efforts to de-dollarize their economies. According to Sachs, this geopolitic...