The topic of de-dollarization has recently become popular and experienced a significant increase in social media conversations on platforms such as Twitter and Reddit during the first quarter (Q1) of 2023, with a 600% surge compared to the previous three months. This trend can be attributed to the growing number of countries that are exploring options beyond the US dollar, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

China and Brazil had reportedly reached a deal in March to settle trades in their own currencies Yuan and Reais. Russia turning to China’s Yuan, Saudi Arabia’s trade alliance with Asian countries to settle trade in local currencies, and the acceptance of the Indian Rupee by the UAE and other 18 countries for bilateral trade settlement are some of the recent events, which fueled the discussions on social media about the rising interest of more countries to decrease their dominance on the greenback.

Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “Most of the influencers are concerned that many countries have already signaled to ditch the US dollar for international trade to foster their economic relationship, which may devalue the greenback. On the other side, a few influencers opined that the process of de-dollarization is lengthy and will not be negative for the price of the US dollar.”

Below are a few popular influencer opinions about the de-dollarization on the GlobalData Social Media Analytics Platform:

1. Richard Turrin, Fintech Consultant :

“💥☢️BOOM! ☢️💥 Hong Kong’s #mBridge #CBDC transfer system is the centerpiece of #China’s de-dollarization plans! De-dollarization is not the elimination of USD, just reduction.”

2. Brent Johnson, CEO of Santiago Capital:

“I will say it again even though most wont believe me. The process of dedollarization is not a negative for price of USD. The process of dedollarization will create chaos that will push USD higher not lower. What comes on other side is anyones guess. But it wont come peacefully.

3. Mahemi, Co-founder of Traderade.com:

“De-dollarization is a trend that will take decades, not months.”

4. Brent Donnelly, President of Spectra Markets:

“To anyone who was not trading in 2004-2006 or 2011 or 201& … this dedollarization bullshit shows up every now and then. Don’t worry—it’s pure engagement bait, mostly from people who know better. I’ve linked articles from 2004, 2006, 2007, 2011 and 2018, but I could find you one from every year since China entered the WTO. It’s called King Dollar for a reason.”

5. Anas Alhajji, Keynote Speaker and Energy Expert:

“- If more countries use the Chinese yuan, What will happen to its value? – What will happen to Chinese exports then?  – They will not let rise, how will the US react to currency manipulation? – They will not let rise, it will be pegged indirectly to the US dollar! – What will happen when the Right wins future elections? It means the decision is political!  Why will companies follow?  #China #Brazil”

6. Zero Hedge, Fund Manager:

“Saudi Arabia moving to settle trade in Chinese Yuan, restoring ties with Iran, abandoning the US petrol dollar signals the beginning of the end of the US Dollar as the world reserve currency. This is the start of the run on the bank of the USA…and US Dollar hyperinflation.”