As well as the BRICS De-dollarization is continuing, but the US dollar will continue to deteriorate. A new alternative currency may become a world reserve currency. Bitcoin is a popular alternative to the US dollar, and many believe its exponential growth could help fill this hole.
Bitcoin is without a doubt one of the strongest cryptocurrencies available. It is no surprise that the token has been dubbed “the king of cryptocurrency” because of its huge market popularity and momentum. Bitcoin ETFs are now on the market and available for investment. BTC, and other crypto currencies are even a topic of discussion in government. Crypto was a hot-button issue in the US elections and is up for debate at the Senate.
Bitcoin can save or even punish the US Dollar depending on its treatment by the United States. The country is reportedly considering transferring all of the BTC it has seized from the Department of Justice over to the Department of the Treasury in order to make the currency a reserve currency. The greenback could get a safety net against BRICS.
Also Read: BRICS: United States to Use Bitcoin to Save the Dollar?
In fact, Donald Trump had been rumored to be looking at this idea earlier in the year. He was reportedly exploring the idea BTC as a reserve currency. In addition, he stated that it was important for the US to surpass China’s adoption of cryptocurrency. The beginning could be here, especially if Trump wins the election this fall.
The BRICS to Counter US Dollar with its Own Bitcoin?
The alliance may also use Bitcoin and Gold as a means to replace the US Dollar. Ethiopia has signed Bitcoin mining contracts with China, a partner of the alliance. China may be the only BRICS nation to have signed 19 agreements with Ethiopia. However, other countries in the alliance might follow. BRICS would then begin to expand its reach in the Bitcoin sector, and surpass other nations. The BRICS’ development may also pose a direct challenge to Texas which is known as the capital of Bitcoin mining in the world. Bitcoin is a major part of the fight between the BRICS countries and the US Dollar.
US must decide if Bitcoin will be considered a friend, or a foe. BTC will continue to rise, threatening a brand new ATH. The asset has had a busy weekend with many important events and updates. Bitcoin has returned to the $70,000 level. Crypto ETFs becoming more popular in US will lead to a spread of influence from Bitcoin towards other crypto currencies, making these unstoppable rivals for the dollar in future.
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Source: watcher.guru
