Can Bitcoin Replace the U.S. Dollar as the World’s Global Reserve Currency?

Since the end of the Second World War and the Bretton Woods Conference, the U.S. dollar has been the global reserve currency; today, more than 59% of foreign bank reserves are denominated in U.S. dollars, according to the International Monetary Fund.

But the dollar's position as the global reserve currency has been looking somewhat shaky of late.

Last July, strategists from Goldman Sachs argued that the U.S. government's COVID-19 response, taking in fiscal stimulus packages and money printing, is triggering "debasement fears" that could see the dollar toppled from its position as the world's reserve currency. And China's yuan continues to nip at the dollar's heels as the country races ahead with an ambitious programme of digital currency innovations.