Amid the growing de-dollarization movement that has become so prevalent internationally, Twitter CEO Elon Musk has commented on “weaponizing currencies,” as the US dollar has seen its relevance fade.
The development arrives amidst the shifting power balance of the BRICS nations. Specifically, the collective has sought to replace the American currency in international trade. Consequently, various nations have followed suit by developing alternative currencies for international dealings.
Musk Talks US Dollar’s Fall
The word de-dollarization has been a relevant one so far this year. Specifically, due to the fading importance of the US greenback on an international level. Now, one of the most well-known figures in the country has spoken out about why that may be the case.
Twitter CEO, Elon Musk, has taken to his platform to discuss the concept of de-dollarization and “weaponizing currencies” amid the greenback’s fall. Moreover, Musk stated that “de-dollarization is real and is happening fast.”
Subsequently, in a response to another post, Musk discussed how the movement has occurred. Specifically, stating, “If you weaponize currency enough times, other countries will stop using it.”
It seems as though the “weaponizing” of the currency is in regard to US sanctions placed on various countries. Additionally, sanctions on Russia have become a driving force behind the de-dollarization movement. As various countries have sought to replace the US dollar by necessity.
Conversely, as the BRICS nations grow in power, global trade becomes a necessity. Now, the collective has already surpassed the G7 nations in GDP (PPP) and presents a good reason for doing away with the greenback.