Exactly. Dollar is not just about trading. That’s why all those predictions about dollar going down the kitchen sink with the introduction of the Shanghai gold market priced in yuan a year ago and the recent introduction of oil priced in yuan as a catalyst to topple the usd has been proven wrong. Period. will it happen eventually? Maybe but in at least 10-15 years.

Usd is still the senior currency all investments are based on. No professionals will sell their mutual funds investments for storing in crypto yet. They have no where to go except remaining in usd denominated assets. The investment market is so much greater than the actual trading volume. That’s why usd is still king.

China needs a bigger bond market and investment market for people who
Sold their yuan to store its values on. They won’t be able to repeat what the US did with creating such a big bond market. Their only option is to create a gold backed yuan currency as an incentives for nations/people who trade in yuan to store their values on.

It will take years to happen. I have a feeling that usd has reached a short term bottom!