The U.S. dollar is the de facto global currency for all commerce and trade settlements across the world. However, a handful of developing countries, including BRICS are feeling the pinch of the uncontrolled U.S. dollar debt. The debt climbed above $34.2 trillion and Central Banks find keeping the USD in reserves a risky affair.
Also Read: BRICS: China’s Gold Buying Spree to End the US Dollar?
A market crash will not only send the U.S. markets tumbling but hoarding the dollar in reserves will severely impact BRICS countries. To safeguard their native economies and currencies, developing nations are looking to end reliance on the U.S. dollar for trade.
BRICS: Leading Economist Warns the U.S. Dollar ‘Is Going To Get Worse’
The author of the best-selling self-help financial book Rich Dad Poor Day, Robert Kiyosaki warned that the U.S. dollar “is going to get worse”. He explained that the mounting debt and printing of trillions of dollars could be the main reason for its decline. This is the first reason why the BRICS alliance is looking to stay away from the U.S. dollar.
Also Read: BRICS: India & Nigeria Finalize Major Partnership Ditching US Dollar
Kiyosaki explained that the best investments that could keep money safe are gold, silver, and Bitcoin. He stressed that the U.S. dollar will eventually self-destruct due to debt but the commodity markets will always survive. Read here to know how many sectors in the U.S. will be affected if BRICS ditches the dollar for trade.
Also Read: BRICS: Economist Predicts One Final Rally Before the Markets Crash 50%
“It’s a reason to buy gold, silver, Bitcoin, and all this because our currency is screwed up now. It’s going to get worse because our debt keeps going up. The reason we buy gold, silver, and Bitcoin is the same reason. It’s not any different, just tell me how many ounces you have. I buy gold, silver, Bitcoin, and I just bought some Ethereum simply for the same reason – our money is fake,” he said.