BRICS Response to US Bitcoin Strategy: What it Means for the Dollar

With Donald Trump making an appearance at the Bitcoin Conference 2024, he discussed the leading crypto’s potential as a reserve currency. The BRICS nation’s response to that proposed US Bitcoin strategy, and what it could mean for the US dollar, may be poised to surprise many.

Trump has been outspoken about the crypto since his reelection campaign started gaining steam. Moreover, he previously discussed the importance of the United States’ role in the sector. Specifically, he called on the country to lead the globe. That message was reiterated by the 45th President at the conference this weekend.

Bitcoin and the US Dollar
Source: Watcher.Guru

Also Read: BRICS Expansion: New Country Shows Interest To Join the Alliance

China’s Interesting Answer to Trump’s BTC Strategy

The last several years have seen the BRICS bloc embrace de-dollarization on a global scale. The grouping has not been shy about its stance on the Western currency. They have continually struck deals that promote the use of native assets to curtail the prominence of the greenback.

Now, the BRICS nations may have a surprising response to Donald Trump’s proposed Bitcoin strategy and its implications on the US dollar. In a post to X (formerly Twitter), Peter Schiff discussed China’s answer to the development. Specifically regarding Trump’s assertion that there is a digital currency race between the West and the Global South.

“Trump claimed that America must dominate the Bitcoin industry, as if we don’t, China will,” Shiff said. “China has no interest in Bitcoin. They already made mining illegal. China is happy to let the US waste its resources on Bitcoin,” he told his followers.

BRICS China Xi Jinping
Source: chinaobservers.eu

Also Read: US Dollar Gives a Major Blow To BRICS Nations’ Currencies

The sentiment is an interesting one, and it has massive implications for the dollar. The US purchasing BTC as a strategic reserve currency relies on its relevance globally. It also overlooks the ongoing attack on the dollar that BRICS has embraced.

The collective is developing its own payment system and native currency. These projects should be promoted by all BRICS members and trading partners. If those nations stay away from Bitcoin, the US could see a massive hit to the dollar as a result of a crypto adoption plan.

Bitcoin and a crypto accumulation race would serve the US well, but Shiff has a point. The BRICS countries have shown no interest in accumulating the cryptocurrency. Therefore, it could have a diverse effect on an already fragile economy that recently surpassed $35 trillion in national debt.

  • bitcoin
  • BRICS
  • US DOLLAR

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media flak
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keeping an eye on the price
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elected
Read more