The American currency is forever! According to Scott Bessent, the US Treasury Secretary, the dollar will keep its reserve currency status, even though BRICS nations are trying to move away from it. However, in the foreseeable future, the greenback will have no real competitors, and dedollarization is unlikely to be effective. "They might try to take away our reserve currency status, but there is no other reserve currency on the horizon," Bessent stated.
In his view, the greenback still dominates the world. There is no alternative, the official emphasized.
Earlier, US President Donald Trump urged BRICS nations not to abandon the dollar. According to the White House chief, countries should not create their own currency or support any other as a replacement for the USD.
In November 2024, Russian President Vladimir Putin said that in recent years, the United States had essentially generated $12 trillion out of thin air. This was made possible by the dollar’s status as the world’s reserve currency, he added. Previously, Putin pointed out that Washington had hoped Russia would collapse without the USD, but nothing of the sort happened, he clarified.
