The Dollar is Still King. But For How Long?

The US dollar is the most powerful currency in the world, used in over 80% of global trade and held by central banks as the dominant reserve asset.

But for the first time in decades, that dominance is showing cracks.

• China is settling oil trades in yuan

• Russia is shifting reserves into gold

• BRICS nations are exploring a common currency backed by real assets

• Even US allies like Saudi Arabia are warming up to non-dollar transactions

The world isn’t ditching the dollar overnight. But slowly, quietly, the foundations are shifting.

Why Are Countries Turning Away?

It’s not about ideology. It’s about survival.

When the US freezes a country’s reserves, as it did with Russia, others take note.

When inflation eats away at purchasing power year after year, central banks seek protection.

And when the Federal Reserve hikes interest rates to fix domestic issues, emerging markets suffer the consequences, with no say.

The result? A growing list of nations are searching for alternatives. Not to replace the dollar completely, but to reduce dependence on it.

Gold Is Back. So Is Something New.

In 2023, central banks bought over 1,000 tonnes of gold, the highest annual total in more than half a century. Why?

Because gold doesn’t default. It doesn’t inflate. And it doesn’t get frozen.

But alongside gold, something new is emerging: Bitcoin.

For the first time in history, we have a digital asset with:

• A hard-coded supply limit

• No central issuer or controlling authority

• Global accessibility

• Transparency built into its code

Bitcoin is behaving like digital gold: a programmable, borderless, unconfiscable store of value.

And as trust in fiat erodes, Bitcoin is becoming the new settlement layer for a generation that doesn't trust banks, inflation, or currency controls.

Muslims Have Seen This Before

Our tradition is built on sound money.

In the early Islamic world, trade relied on gold dinars and silver dirhams, physical currencies with intrinsic value.

The Islamic literature doesn't refer to “money” as paper or promises. It refers to mīzān — balance and scale. Because in our worldview, value must be rooted in justice and reality.

Today, fiat money is untethered from anything real. It grows through debt and is managed by politics.

Bitcoin, in many ways, is a return to the principles of money we once upheld, but built for the digital era.

Why This Shift Matters

This isn’t just a change in what we use to pay.

It’s a change in:

• Who controls the financial system

• How value is stored, transferred, and protected

• What we teach our children about wealth

• Whether future generations will be financially sovereign, or dependent

And it’s happening now.

Bitcoin is already on the balance sheets of nations and companies. Gold is being hoarded, not sold. And the dollar’s supremacy is no longer a certainty.

The new system is being built.

Not in headlines. Not in central banks. But on-chain.

And those who recognize this shift early will be the ones who protect, grow, and pass on real wealth.

This Is a Wake-Up Call

If you’re Muslim and serious about ethical investing, financial sovereignty, and long-term value — this is your moment.

The era of passive savings is over.

The era of real money is back.

Want to explore alternatives beyond fiat?

If you care about building a financial future that honors your values — and want to understand where crypto, zakat, tokenization, and inflation intersect

Start learning, start preparing, start positioning👇

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Every week, we break down what matters in the market, and how Muslims can navigate the new digital economy with clarity and conviction.

—
Saâd
from Swiss Islamic Finance