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US Dollar Demand Soars: De-dollarization Was a Fabrication of the Bull Market

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US Dollar Demand Soars: De-dollarization Was a Fabrication of the Bull Market
Brendan Smialowski/AFP
Daniel Lacalle
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Commentary

“De-dollarization” became one of the biggest stories in markets in 2024 and 2025, not because it was true, but because it sounded plausible enough to scare people out of the very assets the world demands the most. The reality was much simpler. The U.S. dollar remains the world’s global reserve currency because there is no fiat alternative.

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Daniel Lacalle
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat”​ (2015), and “Life in the Financial Markets.”