BRICS: US Bank Forecasts the Future of the US Dollar in Crypto

• US Economy on a Road to Recovery as 2023 Ends
• BRICS Bloc Expansion and the US Dollar
• Bank of America's Predictions
• BRICS, the US Dollar, and Global Trade
• The Long-Term Goal of BRICS

US Economy on a Road to Recovery as 2023 Ends

The journey towards recuperation has begun for the US economy as 2023 draws to a close, as interest rate increases decelerate. Despite persistent risks from BRICS, the Federal Reserve maintains a positive outlook, anticipating interest rate reductions next year as the inflation rate of the US dollar subsides.

BRICS Bloc Expansion and the US Dollar

The expansion of the BRICS bloc and its de-dollarization mission directly correlates with the future of the US Dollar. Amidst this dynamic, one of the leading US Banks, Bank of America, foresees the trajectory of the US Dollar.

Bank of America's Predictions

Bank of America retains its positive outlook for the US Economy and the future of the US dollar in relation to BRICS. In a statement made in September, CEO Brian Moynihan pointed out that the bank's financial strategists predicted a mild easing for the US economy, instead of a recession. Now, with inflation resuming its downward trend, this optimistic stance persists.

BRICS, the US Dollar, and Global Trade

Historically, BRICS has consistently expressed that the most significant threat to the US Dollar would originate within American frontiers rather than abroad. With the US Dollar having served as the dominant currency for international trade for almost a century, the expansion of BRICS introduces a new dimension to the ongoing contest between BRICS and the US Dollar. As more nations embrace the objective of terminating the US dollar's global dominance, the threat escalates beyond the levels predicted when Bank of America's CEO made his initial remarks.

The Long-Term Goal of BRICS

The BRICS alliance harbors long-term ambitions to abandon the greenback and promote their indigenous currencies for trade. Consequently, the US dollar finds itself persistently threatened by BRICS, who are resolute in their endeavor to dislodge its status as the global reserve currency.

Edited by Jonathan Stoker