The BRICS alliance will not discuss the formation of a new currency in the next summit in Johannesburg in August. The BRICS bloc will discuss expansion efforts and other bilateral issues and not the launch of a new currency that will challenge the U.S. dollar. Therefore, the threat of a BRICS currency taking over the U.S. dollar no longer holds water in the global financial markets.
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The de-dollarization efforts fizzled out as challenging the greenback is not as easy as discussed. The dynamics to dethrone the U.S. dollar from the BRICS bloc won’t play out as the greenback commands a stronghold in the international markets.
Whether it is BRICS currency or any other currency, the world’s top investor Warren Buffet predicted in 2015 the prospects of the U.S. dollar. Buffet explained he is not worried that the U.S. dollar will lose out to other currencies anytime in the future.
BRICS: Warren Buffet Said the U.S. Dollar Will Reign Supreme For Another 50 Years
Buffet said in 2015 that the U.S. dollar will remain the world’s reserve currency for another 50 years. Therefore, according to the famed investor, the U.S. dollar will remain the de facto global currency until 2065 or more. “We are the reserve currency. I see no option for any other currency to be the reserve currency,” predicted the billionaire.
“I think the dollar will be the world’s reserve currency 50 years from now. I think the probabilities of that are very high,” he said. When asked about how confident he is with the prediction, Buffet said, “Nothing certain. But I would bet a lot of money on that one.”
The ace investor said that not even the Chinese Yuan will come close to challenging the U.S. dollar. “I think China and the United States will be the two super economic powers. But I think it’s extremely unlikely that any currency supplants the U.S. dollar as the world reserve currency for many decades, if ever,” he summed it up.