BRICS Currency and Bitcoin Become Focus Amid US Dollar Fall

Joshua Ramos
BRICS Nations Leading International Interest in Bitcoin
Source: Unsplash

In a recent article, former World Bank Executive, Ana Palacios discussed the BRICS nation’s motivations. Specifically, speaking on disgruntled nations clinging to the ideals of the economic bloc. Moreover, as the collective grows, the BRICS currency and Bitcoin become the focus amid the falling US dollar.

As it has risen to prominence, BRICS has firmly embraced de-dollarization efforts. Subsequently, the search for a new global reserve currency is imminent, as both the BRICS alternative currency, and the most prominent digital asset, have become central in the discussion.

The Growing BRICS Appeal

brics leaders flags countries

A recent story by former World Bank senior vice president Ana Palacios put into perspective the rising prominence of BRICS. Specifically, she stated the vital role that the bloc will play for smaller countries and suffering economies. Stating that “disgruntled nations” see freedom from the political manipulation of economic proceedings by the West.

“They are unwilling to tolerate efforts to ‘constrain’ their economics through conservation demands or limits on technology sharing,” Palacio stated. noting that these nations are firmly standing against the continued global governance that the West has employed.

Now, BRICS offers a reprieve from that. Subsequently, de-dollarization has granted the bloc and these nations a way of reestablishing global economic power. Moreover, the BRICS currency and Bitcoin have become the focus as the US dollar collapses.

Bitcoins Place in Alternate Currency Discourse

Bitcoin Falls to $29k Range as Market Witnesses Sell-Off
Source: News18

Although the establishment of the BRICS currency is the focus, Bitcoin has earned a place in the alternative currency discourse. Specifically, because it presents another avenue to lean away from the US dollar.

The attractiveness of Bitcoin lies in its diversification potential. Economic instability and currency risks could be thwarted by the presence of an established digital currency like Bitcoin.

Moreover, blockchain technology has a place in the evolution of finance. Subsequently, it can faithfully operate within the dysfunction of the economic status quo. Something that a BRICS currency is already attempting in its alternative currency development.

A newly developed BRICS currency, or the Chinese yuan, will have difficulty fully supplanting the US dollar’s dominance. Specifically, its place as the global reserve currency has made this a very difficult task. However, Bitcoin, as much as any alternate currency option, presents a fighting chance.