As well as the BRICS De-dollarization is continuing, but the US dollar will continue to weaken. A new alternative currency may become a world reserve currency. Bitcoin’s recent growth and widespread implementation has led many to believe it could be the solution if this gap widens.
Bitcoin is without a doubt one of the strongest cryptocurrencies available. This token, which is widely known as the “king” of cryptos, has experienced a massive surge in popularity, thanks to its market dominance. Bitcoin ETFs are now on the market and available for investment. BTC is a major topic in politics, as it was discussed in both the US presidential election and the Senate.
The US can either use the Bitcoin token to save the US dollar or punish it further, depending on the way they treat it. The country is reportedly considering transferring all of the BTC it has seized from the Department of Justice over to the Department of the Treasury in order to make the currency a reserve currency. It could provide the dollar with a vital safety net as it faces a fight against BRICS.
Also Read: BRICS: United States to Use Bitcoin to Save the Dollar?
Donald Trump was rumored to have been considering this exact idea earlier in the year. He was reportedly exploring the idea BTC as a reserve currency. Further, he stated that it was important for the US to surpass China’s adoption of cryptocurrency. It could start here, particularly if Trump becomes president in the fall.
What if BRICS counter US dollar with their own Bitcoin stash?
The alliance may also use Bitcoin and Gold as a means to replace the US Dollar. Ethiopia has signed Bitcoin mining contracts with China, a partner of the alliance. China may be the only BRICS nation to have signed 19 agreements with Ethiopia. However, other countries in the alliance might follow. If it happens, BRICS would begin to expand its reach in the Bitcoin sector. The BRICS project could pose a competition to Texas’ Bitcoin mining capital. Bitcoin, as one can see, has played a crucial role in the struggle between BRICS vs. the US Dollar.
US must decide if Bitcoin will be considered a friend, or a foe. BTC will continue to rise, threatening a brand new ATH. The asset has had a busy weekend with many important events and updates. Bitcoin has returned to the $70,000 level. Crypto ETFs becoming more popular in US will lead to a spread of influence from Bitcoin towards other crypto currencies, making these unstoppable rivals for the dollar in future.
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Source: watcher.guru