BRICS & Bitcoin: Ditching the US Dollar through Cryptocurrency

• Transition in Geopolitical Landscape and Digital Assets
• The Role of Bitcoin in Brazil's Digital Revolution
• Bitcoin and the BRICS Alliance
• Preference for Digitized Finance within BRICS
• The Potential BRICS Currency

Transition in Geopolitical Landscape and Digital Assets

Over the past year, the geopolitical landscape has witnessed a significant transformation. In parallel, digital assets have come into greater prominence, becoming crucial in the evolving financial ecosystem. This article focuses on the BRICS economic alliance and examines the potential role of Bitcoin$42,260 -0.64% in helping the bloc eventually move away from the US dollar. The aim of the bloc to challenge Western dominance, especially through the US dollar, has been unequivocally articulated. The group has spoken openly about its intention to establish a new world order.

The Role of Bitcoin in Brazil's Digital Revolution

With Brazil at the forefront of a digital revolution aimed at eradicating economic disparities, Bitcoin could potentially play a vital role. The BRICS alliance has recently voiced its view on the existing world order, calling for extensive global reform. Russia's President Vladimir Putin highlighted the bloc's aspiration to curtail Western dominance at a global level. This coincides with the previous initiatives by BRICS, implying that the currency could be the primary target of this revolution.

Bitcoin and the BRICS Alliance

The BRICS alliance could benefit from Bitcoin in its quest to both dethrone the dominance of the US dollar and reduce global inequality. Digital assets, in particular, offer substantial value for developing nations. They provide a platform for these countries to improve their competitiveness in the international trade arena.

Preference for Digitized Finance within BRICS

Even though Bitcoin may not be the specific choice, the BRICS bloc has demonstrated a strong inclination towards digitized finance. In the current year, China has achieved remarkable success with its digital yuan. Likewise, Russia has been consistently working on a Central Bank digital currency project. These point towards the alliance's focus on a digital asset in the future.

The Potential BRICS Currency

This future digital asset could be the much-anticipated BRICS currency. Slated for a 2024 launch, this currency has been in the development stages for over a year. Transitioning such a currency into a digital asset would bring all the advantages associated with Bitcoin. Moreover, it would offer the added benefit of being directly linked to BRICS and its trade activities.

Edited by Jonathan Stoker