With Donald Trump making an appearance at the Bitcoin Conference 2024, he discussed the leading crypto’s potential as a reserve currency. The BRICS nation’s response to that proposed US Bitcoin strategy, and what it could mean for the US dollar, may be poised to surprise many.
Trump has been outspoken about the crypto since his reelection campaign started gaining steam. Moreover, he previously discussed the importance of the United States’ role in the sector. Specifically, he called on the country to lead the globe. That message was reiterated by the 45th President at the conference this weekend.
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China’s Interesting Answer to Trump’s BTC Strategy
The last several years have seen the BRICS bloc embrace de-dollarization on a global scale. The grouping has not been shy about its stance on the Western currency. They have continually struck deals that promote the use of native assets to curtail the prominence of the greenback.
Now, the BRICS nations may have a surprising response to Donald Trump’s proposed Bitcoin strategy and its implications on the US dollar. In a post to X (formerly Twitter), Peter Schiff discussed China’s answer to the development. Specifically regarding Trump’s assertion that there is a digital currency race between the West and the Global South.
“Trump claimed that America must dominate the Bitcoin industry, as if we don’t, China will,” Shiff said. “China has no interest in Bitcoin. They already made mining illegal. China is happy to let the US waste its resources on Bitcoin,” he told his followers.
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The sentiment is an interesting one, and it has massive implications for the dollar. The US purchasing BTC as a strategic reserve currency relies on its relevance globally. It also overlooks the ongoing attack on the dollar that BRICS has embraced.
The collective is developing its own payment system and native currency. These projects should be promoted by all BRICS members and trading partners. If those nations stay away from Bitcoin, the US could see a massive hit to the dollar as a result of a crypto adoption plan.
Bitcoin and a crypto accumulation race would serve the US well, but Shiff has a point. The BRICS countries have shown no interest in accumulating the cryptocurrency. Therefore, it could have a diverse effect on an already fragile economy that recently surpassed $35 trillion in national debt.