The de-dollarization movement has become a hot topic in financial and political circles. The dominance of the US dollar has been put into question over the last decade. The BRICS bloc of nations, China and Russia in particular, has expressed the desire for an alternate currency system. While the movement has garnered worry from many leaders, some experts are not very concerned.
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Nobel Prize-Winning Economist Not Worried About De-Dollarization
In April 2023, Elon Musk replied to an X post talking about de-dollarization. The post highlighted how the dollar’s share went from 73% in 2001 to 55% in 2020. It further stated how the greenback’s share went from 55% to 47% after Western sanctions on Russia. Musk also gave his thoughts on the matter. He stated, “If you weaponize currency enough times, other countries will stop using it.“
Musk’s X post received a rebuke from Nobel Prize-winning economist Paul Krugman. In a New York Times article, Krugman wrote, “Even if some governments express a desire to see payments conducted in other currencies, it’s not at all clear they can make that happen.“
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Krugman does not buy that de-dollarization will take hold of the global financial order. He believes the US dollar will reign supreme for the foreseeable future. Many other experts from the financial field echo Krugman’s opinion.
Krugman took a shot at Musk, stating, “Elon Musk is among those warning that weaponizing the dollar will destroy its reserve currency status, because of course he is.“
BlackRock CEO Worries About The USD’s Position
While the Nobel Laureate seems unbothered about the de-dollarization agenda, BlackRock CEO Larry Fink is worried about the USD being replaced as the global reserve currency.
In a 2025 letter to shareholders, Fink stated, “The U.S. has benefited from the dollar serving as the world’s reserve currency for decades. But that’s not guaranteed to last forever.“
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Fink further highlighted how the US national debt has grown at three times the pace of GDP since 1989. He added that interest payments will surpass $952 billion this year.
The aforementioned points have led Fink to believe that currencies like Bitcoin (BTC) could replace the US dollar as the global reserve currency.