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The meaning of foreign reserve currency excludes one’s own currency, so he is wrong to say that 187 countries don’t want their own currency.
Nevertheless, he has a point. There are 195 countries in the world, and if 40 of them are selling off their dollar holdings, that still leaves 155 countries holding dollars.
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US Dollar Supremacy Remains Unchanged As 187 Countries Don’t Want Their Own Currency: Chamath Palihapitiya
Billionaire Chamath Palihapitiya believes the US dollar’s supremacy remains unquestionable despite recent headlines featuring the trend of de-dollarization.
In a new episode of the All-In Podcast, Palihapitiya says that the devaluation of the dollar is not all bad news for the United States.
According to the billionaire venture capitalist, a weaker dollar actually boosts the country’s economy as it allows other nations to purchase US products at a discount.
“The position of the US dollar hasn’t changed. Again, you have to remember a lot of these foreign governments, 187 or whatever the number is of countries outside the United States, rely on the US dollar. They don’t want to own their own currency.
Dollars do get inflated, but that increased purchasing power also actually drives the balance of power back to the United States because all of these folks all of a sudden find the ability to import a little bit cheaper, their economies get slightly better but the US dollar actually still does well.
So there’s a complex set of interactions that are all relative.”
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