Think so.

When people loose confidence in the currency being able to hold its value, they turn first to other currencies if possible.

But often times governments make it illegal to do so or implement currency controls to limit it (the French penalty was death if a person tried to use something other than the legal tender). We are already seeing currency controls being put in place to prevent capital flight. Even here in the US there are things to discourage foreign accounts so it will make it harder to implement easy changeover to other currencies should there become a desire to do so. No such desire to get out of USD presently, and in fact often the opposite.

But when other forms of currency are not available, the final attempt at capital preservation is the run to hard assets. That is the final death throes of a currency. A rush out of currency and into hard assets. Velocity of currency tries to approach infinity.

John