It is not a hypothesis and it is not about the US. It is a fact that the current global currency is USD and it is enforced thanks to the role of the global policeman and unquestionable military might. However over the (many) years it has caused growing problems both inside and outside the US.
P.S. I think that the US was playing this role very well over the past 76 years and am perfectly happy with 90% of what has been done.
> US would never switch to BTC as legal tender because they can't control the supply of BTC
Most evidence shows the U.S. no longer benefits from the dollar as a global reserve currency. And lots of governments have currency boards or currencies they don’t control.
1. The currency board countries are very small players, mostly beaten to blue and also not all currency boards are tied to USD.
2. The bulk (I guess 90%+) of global lending is still in USD - a currency which the Fed can debase at will - as has been happening since 2008 and happened at a grande scale in 2020.
This brings only frustration and bitterness - the last two things you want in international relations, especially in the post-nuclear age soft-power days.
P.S. I think that the US was playing this role very well over the past 76 years and am perfectly happy with 90% of what has been done.