{"id":31470,"date":"2024-10-26T23:45:10","date_gmt":"2024-10-26T20:45:10","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31470"},"modified":"2024-10-26T22:37:19","modified_gmt":"2024-10-26T19:37:19","slug":"what-would-happen-to-bitcoin-if-brics-breaks-dollar-dominance","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/what-would-happen-to-bitcoin-if-brics-breaks-dollar-dominance\/","title":{"rendered":"What Would Happen to Bitcoin if BRICS Breaks Dollar Dominance?"},"content":{"rendered":"

The BRICS alliance, which has been dominating recent headlines, is working to weaken the dollar\u2019s strength in international trade. Consisting of Brazil, Russia, India, China, and South Africa, the group has been further empowered by the inclusion of Iran, Egypt, Ethiopia, and the United Arab Emirates. Together, these countries represent over one-third of global GDP and are exploring alternative payment systems.<\/p>\n

In meetings this week, BRICS decided to develop a new payment system based on national currencies, moving away from the dollar-based SWIFT system. According to \u201cCrypto is Macro Now\u201d newsletter author Noelle Acheson, Bitcoin is unlikely to become a favored currency among BRICS nations, yet these de-dollarization efforts could benefit Bitcoin.<\/p>\n

Acheson stated, \u201cWeakening global demand for dollar-based trade could pull the dollar down, potentially increasing Bitcoin’s appeal as a hedge against depreciation.\u201d She highlighted that BRICS nations share economic and geopolitical grievances against the U.S., fueling their drive to create an alternative to the dollar.<\/p>\n

\"\"<\/p>\n

BRICS’ stance against dollar dominance isn\u2019t surprising, given the combined economic power and influence of these countries in global trade. While the dollar is unlikely to lose its reserve currency status immediately, this shift could positively impact Bitcoin.<\/p>\n

Acheson noted that BRICS\u2019 attempt to reduce reliance on the dollar may increase demand for value-storing assets like Bitcoin. Crypto supporters argue that Bitcoin\u2019s limited supply and independence from traditional markets provide a hedge against uncertainties.<\/p>\n

BRICS unseating the dollar in the short term is unlikely. However, their search for alternatives could signal significant changes in economic and geopolitical realities. Russian President Vladimir Putin\u2019s comment that it\u2019s not yet time for a unified BRICS currency underscores the challenges of this process. As a result, discussions around Bitcoin\u2019s future role and value seem poised to intensify.<\/p>\n

\n

You can join our\u00a0Telegram<\/a>\u00a0<\/strong>channel to not miss the\u00a0news<\/a>\u00a0<\/strong>and stay informed about the crypto world.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The BRICS alliance, which has been dominating recent headlines, is working to weaken the dollar\u2019s strength in international trade. Consisting of Brazil, Russia, India, China, and South Africa, the group has been further empowered by the inclusion of Iran, Egypt, Ethiopia, and the United Arab Emirates. Together, these countries represent over one-third of global GDP<\/p>\n","protected":false},"author":23,"featured_media":31472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[61,4713,393,9128],"class_list":["post-31470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-news","tag-bitcoin","tag-brics","tag-crypto","tag-dollar-dominance"],"yoast_head":"\nWhat Would Happen to Bitcoin if BRICS Breaks Dollar Dominance? - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/what-would-happen-to-bitcoin-if-brics-breaks-dollar-dominance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Would Happen to Bitcoin if BRICS Breaks Dollar Dominance? - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The BRICS alliance, which has been dominating recent headlines, is working to weaken the dollar\u2019s strength in international trade. 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