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Dedollarization: countries follow US lead

Welcome to 2024, the year when 14 countries finally decided to take a trendy step and jump on the dedollarization bandwagon. It seems the dollar is starting to lose its charm, and nations that once worshipped it are now loosening their grip.

This year, Guinea-Bissau officially announced it would no longer use dollars in transactions with Russia. These countries are making a bold and friendly switch.

Meanwhile, Mongolia has almost completely transitioned to trade in rubles and yuan. Apparently, they have decided that the dollar is so last season.

Not to be outdone, Burkina Faso, Nigeria, the Republic of Congo, and Sudan are also ramping up the use of their national currencies in trade.

The world can now be divided into three groups of countries. The first group, which contains 94 nations, remains loyal to the US dollar and has no plans to impose restrictions on it.

The second group, made up of 46 countries, is trying to diversify their currency dealings, increasing the share of national currencies in trade. They are cautiously stepping away from the leader of the currency markets.

The third group of 53 nations boldly declares that it does not need the dollar and is ready to challenge its supremacy. These countries seem to be gearing up for a financial revolution.

By 2025, we can expect even more nations to not only turn away from the dollar but actively boycott it. In this scenario, the US comes off as that overly pushy character trying to impose their will on everyone. Yet, for now, the greenback remains the centerpiece of the global economy. It is like that one character in a show who is always the center of attention, no matter how hard others try to steal the spotlight.

Entrepreneur Kim Dotcom has criticized the US. He argued that turning the US dollar into a weapon was a catastrophic mistake by American authorities. In his view, global dedollarization could become an "economic Hiroshima" for the US. He also suggests that instead of focusing on the dollar, the US should embrace something worthier, like gold or cryptocurrency.

In any case, dedollarization is marching across the planet, and it seems there is no stopping it now.

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