The U.S. dollar is facing threats and competition from BRICS who want to uproot it from the world’s reserve currency. The alliance is aiming to put local currencies ahead of the USD and make their native economies stronger. The bloc has been successful in its quest as several trade deals have been settled without the U.S. dollar recently. BRICS is aiming for more such deals where the USD will be sidelined for cross-border transactions.
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Read here to know how many sectors in the U.S. will be affected if BRICS ditches the dollar for trade. On the heels of the de-dollarization campaign, veteran analyst and the CEO of Factor LLC, Peter Brandt has cautioned that digital currencies could soon overpower the U.S. dollar and dictate global finances in the next decade.
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BRICS: U.S. Dollar Collapse On the Cards, Says Peter Brandt
Brandt opined that the U.S. dollar could lose out to a new system of payments that includes plans from BRICS’ de-dollarization. The BRICS alliance is looking to launch a new payment system that will not integrate the U.S. dollar into the mechanism. In addition, Brandt predicted that the U.S. dollar could also lose out to digital currencies like Bitcoin, among others. He said that the next generation of finances will focus more on store of value while cash slowly disappears.
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“U.S. Dollar is being destroyed. All paper currencies are being destroyed. An entirely new system of payments and store of value will evolve during next decade,” said Brandt. BRICS is also looking to overthrow the U.S. dollar in the next decade and push its de-dollarization agenda ahead. The analyst added that Kamala Harris might not be able to navigate the challenge if she’s elected President in 2024. “Do you want Kamala Harris in charge of this because revolution in currencies units will happen,” he said.