Why Hasn't The Dollar Fallen? | Lessons from Currency Historian Barry Eichengreen

In this episode of Bankless, host Ryan Selkis interviews renowned currency historian Barry Eichengreen about his new book, *Money Beyond Borders*, which traces the rise and fall of global currencies from ancient times to the present. Eichengreen explores how dominant currencies like the Roman denarius, Byzantine solidus, Spanish pieces of eight, and the U.S. dollar achieved international status through a combination of economic strength, political stability, rule of law, and military security. He argues that the dollar’s current dominance—though unprecedented in its longevity since going off the gold standard in 1971—is not guaranteed, especially as geopolitical tensions, fiscal imbalances, and the erosion of institutional checks and balances threaten its long-term sustainability. Drawing parallels from history, Eichengreen warns that currency decline often follows a slow, iceberg-like melt before a sudden collapse, driven by debasement, economic decline, or loss of trust. He also examines the potential of alternatives like gold, the renminbi, and cryptocurrencies, concluding that while no viable global alternative exists yet, the digital revolution may reshape the future of money through central bank digital currencies and tokenized assets. The episode ends with practical advice for investors: diversify, study history, and prepare for disruption in an era of shifting monetary dominance.