De-dollarization is picking up pace because the US/west chose to weaponize the banking system. As a result various nations are now hedging their bets. Now Russia/China have already made an alternative bank messaging system to Swift & Iran is a part of it. Regardless, it will take decades for this to pickup steam & I don't think that the dollar will ever be completely abandoned. The thing about the US is that it's isolated from the Eurasian continent, has the most prosperous economy on the planet, doesn't have any competitors or threats in its own hemisphere & everybody in the US owns a gun, so it will never be conquered.
If you think of the UK as a fortress because its an island, well the US is a bigger, isolated fortress. For that reason the US dollar is reliable. The USA will always be there. I don't think that the US dollar ever going to completely be abandoned as a reserve currency. Not only that but every business in the world that is involved in import / export only trades with US dollars. I used to import electronics & industrial equipment from China several years back.
You can't purchase anything from China or any other country for that matter without US Dollars. The Chinese won't accept any other currency. Not Canadian, not Japanese Yen, not Swiss Francs, not Pounds, not even their own Chinese Yuan/Reminbi. They won't accept anything other than US Dollars. It's the same thing if I want to import anything from Iran or any other country for that matter. They will only accept US greenback or in some cases Euros. Those two currencies make up approximately 90% of all global payments. That's the way the world works.
This is why its so devastating when the value of a nations currency plummets drastically. Like how Iran's currency lost 50% of its value recently. Or how the Turkish Lira went from 1.5 vs 1 US dollar 15 years ago to 23.50 vs 1 dollar today. It was something like 9 vs the dollar in 2021. Venezuela's currency is probably the most devalued in recent. They dropped 4 zeros, several years ago then when it lost all of its value again, they dropped 6 zeros again. Anyways in the case of Iran, the currency losing half of its value vs the US dollar means is that any product which is imported now costs twice as much as a few months ago.
As far as BRICS making their own gold backed currency. I don't see all those various nations being able to agree on one currency. Maybe they will adopt the Chinese Yuan ? But India will likely be opposed to that. Realistically you can already trade gold buillion & that is an option, but the problem is that there is no established, commonly used method to send payments.
Anyways I strongly suspect that the US will soon find an excuse to invade Kenya. Perhaps the Kenyan people are being oppressed and are strongly in need of democracy ?
OR these countries use the US dollar since it loses value slower than these countries own currencies? US dollar is also losing value and is expensive to use- just the facts, lets remove emotions. If this wasnt true then why would dedollarization pick up pace? Besides, these few countries with super high inflation are outliers- most world countries dont have their local economic situations, but they're still dedollarizing..
