According to the IMF, at the end of 2022, the share of USD in the reserves of national banks of different countries was 58%; to compare, in 1999, its share was over 70%. At the same time, more and more countries are calling for abandoning the dollar in trade.
Bloomberg writes that USD value is under pressure because of:
→ tough Fed policy;
→ banking crisis in the US;
→ strengthening of the yen and yuan.
At the same time, Arthur Hayes, co-founder of the BitMEX exchange, has opined that bitcoin can become a reserve currency — in his opinion, the exchange rate of the main cryptocurrency against the US dollar can reach 1 million.
The bold predictions of crypto enthusiasts are becoming more fantastic as the BTCUSD chart forms a bearish pattern — a false bullish breakout of a long-term downward channel. Orange marks indicate price action, which confirms the validity of the channel: if the price continues to move within it, the scenario of a decline to the USD 20k level will become more realistic.