Could the dollar lose its status as the dominant reserve currency?

Two completely opposite theories have been argued in the recent period: That the dollar will lose its status as the dominant reserve currency because many countries fear having their foreign exchange reserves frozen, as is the case for Russia, in the event they enter into conflict with the United States; That the dollar’s reserve currency role will increase because the dollar serves as a safe haven during periods of uncertainty and crisis. When we look at recent capital flows to the United States, we see that the dollar’s attractiveness increased over the recent period 2020-2021 and its role has been stable since the start of 2022. In reality, there is no alternative to the dollar. In the event of conflict, any OECD country, not just the United States, may freeze the foreign exchange reserves of a country that enters into conflict with the West. Few countries want to have their foreign exchange reserves in China’s renminbi, given the political situation in that country. Last, alternative assets (gold, private cryptocurrencies) are too small. As for public cryptocurrencies (CBDCs), they may facilitate trade, but they are not different reserve currencies from public currencies (we fail to see why the existence of a crypto-renminbi would increase the reserve currency role of the renminbi).