U.S. Treasury secretary Janet Yellen expresses concerns about countries moving away from the U.S. dollar due to the escalating $34 trillion U.S. debt.

Bitcoin and crypto are posing a challenge to the dollar's dominance as bitcoin's price continues to rise.

Yellen fears that U.S. financial sanctions could diminish the dollar's role in international transactions, prompting countries like Russia to embrace bitcoin and crypto.

The Brics group, including Russia, China, and India, are seeking alternatives to the western financial system in response to U.S.-led sanctions.

Russia's central bank has encouraged the use of bitcoin to counter Western sanctions.

Some traders are betting on bitcoin reaching all-time highs, with predictions of $100,000 by the U.S. election in November.

Former U.S. president Donald Trump's pro-bitcoin stance has garnered support from the crypto community, in contrast to the Biden administration's anti-crypto position.