BRICS would be the end of the Dollar Dominance, How about Crypto?
Note: This post is for research and discussion purposes, so I am open to everyone's ideas, whether they aline with mine or not, I do not mind, I would love to see them, so let us have a beautiful discussion or conversation and share ideas in the comment section below, THANK YOU.
Would the rise of BRICS be the end of Crypto or Just the Dollar?
It is no news that the OG BRICS nations speaking of Brazil, Russia, India, China, and South Africa and the recently joined BRICS nations speaking of Iran, Saudi Arabia, Egypt, Argentina, Ethiopia, and the United Arab Emirates (UAE) want to see the end of the dollar as the world's reserve currency. Trust if all their plans fall in place and they are successful the dollar dominance will be no more, now the question is would the rise of BRICS be the end of Crypto?
Would BRICS be the end of Crypto?
I was having a conversation yesterday or the day before that with a friend of mine who is well-grounded in financial-related stuff but does not know much about crypto, and he said this to me, When BRICS succeeds in bringing down the dollar dominance, Don't you think crypto will crash as well? Because if you look at it all Crypto is being valued in the United States dollars and they are being traded majorly against stablecoins like USDT, USDC, and BUSD which is having issues with the United States Securities and Exchange Commission (SEC) as it is. All stablecoins are pegged to the dollar which means that majorly all cryptocurrencies are traded against the dollar, so if the dollar crashes today or tomorrow crypto will follow as well.
What he said got me thinking a lot since our conversation or discussion, Yes, I know that 1 Bitcoin is equal to 1 Bitcoin, but what happens when the dollar crashes, Would crypto be traded against themselves, BRICS, or Gold? I'm curious to know everyone's thoughts on this question I have above, Thank you, guys.
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BRICS will not bring down the USD at least in the short term, they will not create a BRICS currency and drop away the control that gives each one their own currency and central bank. About crypto, if the USD crashes I think investors will seek refuge in Bitcoin (or another crypto) and gold, rising crypto prices.
From what I read BRICS is supposed to launch in January 2024
Let´s see what happens but I think that will be a payment system in local currencies and not a coin like the Euro.
Oh ok.
I recognize that I am a functional illiterate in these matters, but I dare to give my opinion, based on what I think and believe may occur.
It is certain that if the dominance of the dollar falls the crypto market must also fall because its fundamental backing is the dollar. But, isn't the majority of world trade also.
I believe that a key aspect of this analysis must be the direction or predominance of the currency that dominates the world or the strongest one, and that is where the market will go and the cryptocurrency market will move towards it.
Several questions are in the pipeline:
Will BRICS succeed in ending the dominance of the dollar?
Will the United States allow this to happen?
If so, which currency will prevail?
Will the BRCS group succeed in having a common currency that can compete with the dollar and topple it?
What will happen to the Euro?
I don't know if I contributed to what you are asking for, but this is what I think about this.
Cheers and best regards.
You contributed very well and I love your opinion on the topic, thanks for sharing.
Thank you for your words. Have a great weekend. Greetings and best regards
Thanks for the laugh.
That is how I see it and what has been going on on Twitter, I like to know your opinion on it because I know you are well-grounded in finance.