As the BRICS de-dollarization initiative strings on, the US dollar is getting weaker, and a new alternative could become a global reserve currency. With its recent exponential rise and implementation, many experts believe that Bitcoin could fill that hole if it widens.
Bitcoin is undoubtedly one of the most robust cryptocurrencies out there. The token is dubbed the king of cryptocurrencies, and rightfully so, because of its massive market momentum and popularity. It has also picked up steam on a regulation level, with Bitcoin ETFs now available on the open market for anyone to invest in. The debate of BTC and other cryptocurrencies even matters in government, with crypto being a talking point in the US election and up for debate in the Senate.
The Bitcoin token can be a savior or further disciplinary for the US dollar depending on how the United States treats it. There are talks of the country sending all of its current seized BTC from the Department of Justice to the Department of the Treasury, making it a national reserve currency. This could give the greenback a much-needed safety net in the face of a battle with BRICS.
Also Read: BRICS: United States to Use Bitcoin to Save the Dollar?
Furthermore, earlier this year, rumors swirled that Donald Trump was looking into this very idea. He was reportedly exploring the idea of making BTC a reserve asset. Additionally, he expressed the necessity of the US to outpace China in terms of crypto adoption. This could be the beginning of that, especially if Trump is elected president this fall.
BRICS To Counter US Dollar With It’s Own Bitcoin Stash?
On the other hand, the alliance has also toyed with Bitcoin recently and may use the asset as well as Gold to overthrow the US Dollar. Recently, new BRICS member Ethiopia began signing Bitcoin mining deals with its alliance partner China. While China is the only BRICS country to sign 19 deals with Ethiopia, other nations in the alliance could follow suit. If that happens, BRICS will begin to spread its wings in the Bitcoin mining sector and outpace other countries. The BRICS development could also be a direct competition in Texas as it is the world’s capital for Bitcoin mining. As one can tell, Bitcoin has become a key part of the battle between BRICS and the US Dollar.
It is up to the US to decide whether the Bitcoin cryptocurrency will be a friend or foe. No matter the decision, BTC is steadily growing, encroaching on a new ATH once again. Following a weekend full of important moments and developments for the asset, Bitcoin has returned to the $70,000 level. As crypto ETFs become more popular in the US, the influence of Bitcoin will spread towards other cryptocurrencies, making them undeniable competitors to the greenback in the future.