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Elon Musk Predicts the Future of the Dollar

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American businessman Elon Musk assessed the prospects for the dollar, and Musk believes that the systematic use of the US currency as an instrument of sanctions leads to the cessation of its use in the world.

Musk’s statement came in response to a tweet published on Twitter, the author of which claimed that the world economy was abandoning the dollar ten times faster than it has been in the past two decades.

The tweet indicated that the dollar’s share of global settlements fell to 55% in 2020 from 73% in 2001, and with the imposition of sanctions against Russia, the figure fell to 47%.

And an American businessman said, “If you (use) currency (as a weapon) enough times, other countries will stop using it.”

Yesterday, the expert predicted that by the end of the decade, the dollar will lose its dominant position in the foreign exchange market, as happened after the Second World War with the main world currency at that time – the British pound.

Expert Alexander Losev said: “We are seeing a downward trend in dollar settlements and a decline in dollar-denominated reserves of central banks. For example, the share of the dollar in international reserves of central banks has fallen to less than 58%.

He continued: “Non-dollarized and non-Western economies are growing (apart from the dollar and Western economies) and the BRICS countries have already surpassed the G7 countries in their contribution to global GDP. and the political hegemony of the dollar begins to crumble. We are already moving towards a multipolar world.

Source: News

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