Last year, the foreign debt of the United States exceeded 50% of its GDP, a percentage that often indicates a future economic crisis, and with additional levels of borrowing during the closure phase, the debt ratio rose to 67% of GDP.
These data indicate - according to the author - the possibility of ending the dominance of the dollar, with the world's countries losing confidence in the ability of the United States to pay their debts, which is the same reason that caused the fall of the dominant currencies in the past.
It is clear that the United States and the world's major governments are showing little enthusiasm to curb the growing budget deficit, and are only tempted to print more money, which is likely to continue even after the end of the Corona crisis.
The writer believes that the lack of confidence in traditional currencies, foremost of which is the dollar, will benefit Bitcoin, which has already begun to enhance its chances of taking the place of the dollar, and gradually transforms it from an investment tool mainly to a means of commercial exchange.
Some companies have started using Bitcoin in international trade, especially in countries where the dollar is difficult to obtain, such as Nigeria, or countries whose currency is experiencing large fluctuations in its value, such as Argentina.
Although the rise of Bitcoin may be just a bubble that ends soon, the state of the rush to buy digital currencies should be a warning sign for governments that do nothing but issue more money without restrictions, especially the US government.
And governments should not - according to the author - be completely reassured that traditional currencies are the only stores of value or the only means of exchange that people can trust, especially since technology innovators are still looking for alternatives that replace fiat currencies forever.