As the cryptocurrency market nears its highest point, the currency could play a role in the BRICS allianceVanEck executives say that Bitcoin will likely be adopted more by the collective in the near future. The company notes in particular that this asset may be crucial to the global growth of the collective.
The BRICS just held its much-anticipated summit 2024 Summit. The statement emphasized that the dedollarization process must continue, and also reassured it won’t be building new infrastructures to support this endeavor. This could lead to cryptos, like Bitcoin becoming even more popular in the future.
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The BRICS turn to Bitcoin? Why One Executive Believes That It Could Be Just a Question of Time
High hopes were raised for Bitcoin Entering the year. In January 2017, the asset that led the market reached an all time high of $73,000 after it was the first to be approved for ETFs in the United States. Now, the last few days of October are making good on the asset’s ‘Uptober’ history as it looks to return to that mark.
According to one analyst, the global impact of the growth in popularity could be huge. According to one VanEck Executive, the BRICS block could soon adopt Bitcoin to be used in global trade. The BRICS bloc would use Bitcoin as a major part of their dedollarization campaign. The bloc has already talked about it at their most recent meeting.
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“We think once the election result is finalized, Moody’s is going to downgrade US sovereign debt, and that could be a catalyst for Bitcoin,” VanEck told CNBC Recently, in an interview. “Bitcoin is a chameleon,” He added. “It’s hard to predict what it’s correlated with. Because of the 21 million and fixed amount out there, it’s a non-US asset.”
He then discussed the role of the BRICS bloc. “BRICS had a conference in Russia; there are six new members, so their GDP is greater than the combined GDP of the G7,” Sigel noted. “OF the six new members, three of them—Argentina, UAE, and Ethiopia—are mining Bitcoin with government resources.”
“There’s urgency outside the US to find a way to circumvent the fiscal policy here in the US,” He added. He also implied that Bitcoin was the means by which the BRICS bloc hoped to achieve this. It could be the catalyst for radical changes in the global financial system to come. In particular, Bitcoin usage is increasing on an international scale.
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Source: watcher.guru
