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The US dollar's dominance is under threat
🇮🇷
Iran is now demanding that ships pay in cryptocurrency or RMB when passing through the Strait of Hormuz.
This is a significant blow to the dollar for the following reasons:
Currently, over 80% of global oil trade is priced and settled in USD.
This encourages countries to hold US dollars, helping the US government carry large deficits.
But as Iran seeks alternative methods, demand for the dollar will decline.
Additionally, most of Asia's oil flows through the Strait of Hormuz, and now they must hold RMB or cryptocurrencies instead of USD.
This will lead countries to sell off US dollars and put upward pressure on US bond yields.
Higher bond yields mean the US government has to pay more in debt, worsening the economic situation.
It won't happen overnight, but if the situation in the Strait of Hormuz remains uncertain, bond yields are expected to soar, ultimately forcing Trump to reach an agreement.