The dollar's time is coming...
Nothing lasts forever...
Looking back at history and it looks like the dollar's time as the world's reserve currency is probably getting close to the end.
The last 3 world reserve currencies lasted around 100 years and that is right where the US dollar is today:
(Source: https://twitter.com/danheld/status/1420040298693107723)
Personally I think the dollar may last longer than those listed above it, but it probably needs to change.
Other countries don't like the fact that the US can print as much as they want and it's not backed by anything really.
If we need to pay for something we can just print up the cash.
At some point I think we may see a bitcoin backed dollar.
The bitcoin will be the rails that reserve currencies run on.
I agree the USD will not be the reserve currency forever. Crypto is for sure the future.
But will it be Bitcoin or something else? I personally don't think Bitcoin is at a point where it could back the dollar and I'm not sure it ever could.
I don't think any crypto has "won the race" entirely at this point, BTC was just the first out of the gate.
Why couldn't it back the dollar?
There's the short answer and the longer answer
Short answer: because the Federal Reserve wouldn't allow it.
Longer answer:
These are just a few reasons that I think. Not trying to detract from how amazing Bitcoin is btw. I own Bitcoin, followed it since inception.
Policy reasons: Bitcoin is decentralized. The Fed and world banks will only accept a centralized crypto currency. They want control in a similar way the existing fiat currencies have some controls in place.
Financial reasons: Bitcoin is also a fiat currency, meaning it's not backed up by anything. I don't think backing a fiat with a fiat would ensure value.
Technical reasons: The Bitcoin network doesn't scale to global scale in terms of numbers of transactions. It's fairly limited in it's ability to process transactions.
Right now everything is on the dollar standard, IE global trade is overwhelmingly priced in dollars. Every country outside of the United States would like to see that changed. I would not be surprised if in the not too distant future we were on a bitcoin standard where fiat currencies where simply backed by satoshis.