USD losing it’s globally backed currency position

Jerome Powell inadvertently hinted at the fact that the USD is losing power on the global stage with China seemingly moving away from it as a backed currency. On top of this the Saudi’s who for decades agreed to only accept USD as payment for their oil no longer appear to be willing to work with the US as they’re siding with Russia during this time of conflict.

Powell also stated in the recent hearings that there can be multiple globally backed currencies. To me these signs of doubt coming from a chairman of the federal reserve is alarming. All this negative news and inflation numbers have really hurt the image of the USD and the markets have shown the pain recently.

On top of that a few states in the US has recently put fourth state legislation bills that would make BTC a legal backed tender. Also in the same hearing these congress members acknowledged the fact the CBDCs and stable coins could potentially aid the USD in keeping its position on the world stage.

My take is the USD is in probably the worst shape it’s been in a long time and it will not get stronger any time soon. I was also very surprised at the favorable discussions that took place about crypto in this hearing. But I was wondering what the sentiment is with the rest of the community. Is the crown slipping off the USD in time of uncertainty a disaster in the making for markets across the board? Or despite these grim signs is this another major event that can turn into something positive for crypto?