BRICS Countries Crypto Trade Predicted to Hit $500 Billion

• BRICS Countries Trade Surge in 2023 Boosts Cross-Border Transactions
• De-Dollarization Initiative: BRICS' Secret Weapon
• Impact on the US if BRICS Abandons Dollar Usage
• BRICS: Potential Big Move in Oil Trade
• Long-Term Goal: Removing the US Dollar from Global Currency Status

BRICS Countries Trade Surge in 2023 Boosts Cross-Border Transactions

In 2023, an upsurge of trade within BRICS nations - Brazil, Russia, India, China, and South Africa - was observed, following the inception of new contracts and the rejuvenation of prevailing collaborations. The sheer magnitude of these cross-border transactions has positioned the BRICS alliance prominently on the global stage.

World Bank data reveals that inter-BRICS' commerce is slated to hit a staggering $500 billion in 2024. Although this figure falls below the global trade average, BRICS' statistics exhibit a gradual, yet consistent, upward trend. This serves as a foundational base which could potentially evolve into comprehensive trade contracts, bolstering their domestic economies.

De-Dollarization Initiative: BRICS' Secret Weapon

One pivotal strategy BRICS has been quietly developing is the de-dollarization initiative. The first steps involve solidifying trade contracts and facilitating its growth over the next few years. Once established, BRICS could activate their de-dollarization tactic, paving the way for settling trades using local currencies.

The overarching concept behind BRICS is to eventually sever ties with the US dollar and stimulate the growth of local currencies. As the volume of trade within BRICS expands, the threat to the US dollar proportionally escalates. Notably, China and Russia, BRICS members, are assertively pushing their de-dollarization efforts, taking progressive strides towards actualizing this initiative.

Impact on the US if BRICS Abandons Dollar Usage

A comprehensive cessation of dollar usage by BRICS could significantly affect various sectors within the United States. Such a move could potentially precipitate a downturn in the US dollar and increase the likelihood of a recession in the American markets.

BRICS: Potential Big Move in Oil Trade

During the 15th summit in Johannesburg in August, BRICS welcomed five petroleum-producing nations - Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. If BRICS establishes a system wherein developing nations utilize local currencies to settle oil payments, the US dollar would likely take the biggest hit.

Long-Term Goal: Removing the US Dollar from Global Currency Status

Although the situation has yet to unfold, it may only be a matter of time before it does. It is important to note that BRICS has previously stated that their long-term objective is to eliminate the US dollar from its global currency status.

Edited by Jonathan Stoker