The BRICS alliance is looking to combat the U.S. dollar’s global reserve status by settling trade in local currencies. BRICS is challenging the USD by paying in local currencies for oil and gas trade, among many other sectors. This puts the USD under pressure as the means to fund its deficit narrow. Warren Buffet predicted how long the U.S. dollar could remain the world’s reserve currency. Buffet’s prediction indicates that the USD is much stronger, and other currencies don’t stand a chance of dethroning it. In this article, we will highlight what leading investor Warren Buffet thinks about the dollar’s prospects.
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BRICS: Warren Buffet Predicts The Future of USD
Buffet predicted in 2015 to Business Insider that the USD would remain supreme and reign in the international markets for at least 50 years. Therefore, according to the famed investor, the U.S. dollar will remain the world’s reserve currency until 2065 or more. “We are the reserve currency. I see no option for any other currency to be the reserve currency,” the billionaire forecasted.
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The world’s top investor stressed, “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 questioned about how confident he is with his prediction, Buffet proclaimed that he wouldn’t mind betting money on it. “Nothing certain. But I would bet a lot of money on that one,” he said.
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Buffet said that the Chinese Yuan, Indian Rupee, Russian Ruble, or any other currency will never come close to challenging the USD. “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.