Can cryptocurrencies wean the world off the US dollar?

There has been a huge shift in the global economy over the past 60 years. The US is still one of the biggest economic forces around the globe, but its influence on the world stage has waned as emerging economies have developed.

The US accounted for as much of 40% of the world’s gross domestic production (GDP) at the start of the 1960s but that figure is closer to 15% today, and its share of international trade has fallen to about 10%. China has seen its share of global GDP rise from just 2.3% in 1980 to around 18% today, and it is now the largest country in terms of international trade by accounting for over 12% of the total. Overall, emerging market share of global GDP has almost doubled over the past four decades to around 60% and that is forecast to reach 75% by 2030.

And yet, the US dollar still plays an outsized role in the global economy. Two-thirds of all emerging market external debt, global equities, and government foreign exchange reserves are denominated in dollars….