The tensions between China and the United States continue to escalate. BRICS One expert believes that, due to the alliance with the United States and other countries in the region, most countries will end up abandoning their US dollar reserves. Recently, economist Jeremy Siegel noted that Bitcoin has become a global threat to the dollar.
Siegel, Senior Economist at WisdomTree discussed Trump’s curious embrace of Bitcoin. He said that gold and any BRICS currency are far less dangerous than Bitcoin to the US Dollar’s dominance. Benzinga report.
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Expert: Bitcoin and not BRICS is the greatest threat to US Dollar
The BRICS group has had a goal since 2022 when Russia invaded Ukraine. The collective is attempting to eliminate the US dollar from international trade. The collective has taken measures to decrease the global dependence on Western currency. It appeared that these decisions were made because of necessity. As the West sanctions Russia, it is forced to depend on its global south allies.
The President-elect has yet to confront those de-dollarization schemes Donald Trump. Things have also gotten more interesting with the return of President Trump and his plan to impose 100% tariffs. One economist finds the position of the new commander-in chief to be inconsistent.
Jeremy Siegel, a finance expert, has stated that nations are likely to eventually abandon the US dollars reserves. Bitcoin. This is interesting because Trump just recently bragged about BTC’s record-breaking increase over $100,000.
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“I found it curious that Trump threatened 100% tariffs for the BRICS nation wanting to implement a new reserve currency, while also championing the rise of Bitcoin’s price surpassing $100,000 and attributing it to his pro-crypto world view,” Siegel said.
“Bitcoin is viewed by many as an alternative global currency similar to what the BRICS are looking to achieve,” “He added.” “Bitcoin is far more of a threat to replace the dollar in world reserves than anything created by the emerging market economies.”
Siegel is right in his assessment. Bitcoin’s value has soared and it is expected to hit $200,000 by next year. Trump’s pro BTC stand could drive global accumulation. The dollar will be pushed out of more countries.
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Source: watcher.guru
