The Role Of US Dollar in Global Trade

[Fivestar4everMVP]

Now the questions are
1) why are oil, gold and wheat almost priced in USD?
2) Why most of the loans are taken in USD despite local currencies?

Based on my own personal understanding, the reason for this is very simple, the USA is still the world power as of today and as the world power, it's basically means they are a country every other countries around the world is or should be looking up to, and their world power status makes their currency, which is the US dollars to stand out and act as a world currency, and not just a currency limited the US alone.

But I believe that all of this should change and might change very soon, i don't know about other persons on this forum and around the world but I honestly look forward to the day when bitcoin will finally take the place of the US dollars in global trades.. That is, instead of using the US dollar to settle world and global trades, countries will then settle and agree to only make use of bitcoin in settlement of world and global trades, this will help to remove all forms of sanction abilities,  countries can then trade without having to depend on US for the supply of dollars.

[YOSHIE]

1) why are oil, gold and wheat almost priced in USD?

If you talk about the US Dollar,long before the dollar developed as it is today, after World War II in 1944, if I'm not mistaken, the US dollar was set as the global financial standard, to stabilize the economy in trade.
It is not surprising if you see that currently the US dollar is half used to carry out transactions as a feature of international trade, this is not without reason, international market trust which makes the world believe in the dollar, whether in oil transactions, gold and so on which are believed to be able to store value in using US dollars.

2) Why most of the loans are taken in USD despite local currencies?

Many countries have taken the initiative to use US dollars as loans, because US dollars can be used as a rare form of economic stability, As far as I know, the US dollar has 88% strength and can dominate the world's daily foreign exchange transaction sector, that is the reason why the US dollar is strong in considering loans for many countries.

[DrBeer]

Speaking of the dollar and BRICS, it came to light this week that YURICS is facing problems described as "a breakdown in financial mechanisms":
Economists and analysts within the participating countries (particularly in Egypt) note that the transition to national currencies for mutual settlements cannot yet serve as a full-fledged alternative to SWIFT and the dollar due to the high volatility of exchange rates in developing countries and the lack of a unified technological infrastructure.

Yet another reason why there is currently NO WAY to replace the dollar. Even the "alliance of anti-dollar activists" acknowledges the impossibility of abandoning the dollar....