Financial influencer Taylor Sohns from LifeGoal Wealth Advisors stepped into Wall Street, asking traders in the NYSE building the million-dollar question – “What do you think about the upcoming BRICS currency?” The answers ruffled a lot of feathers in the forex markets, indicating that the US dollar is here to stay.
The video, which Sohns summed up, shows that traders are more confident about the prospects of the US dollar. The markets believe that the USD’s clout remains intact despite facing turbulence in the foreign exchange sector. The finfluencer puts the rest that the US markets fear the upcoming BRICS currency.
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Here’s What NYSE Wall Street Traders Said About BRICS Currency
Sohns started the video saying, “I’m on the floor of the New York Stock Exchange (NYSE) today, and I ask traders their thoughts on the BRICS countries coming together to create one centralized currency to replace the US dollar as the world’s Reserve currency.”
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The finfluencer revealed that Wall Street traders “laughed” at the prospects of a BRICS currency, calling it the least threatening. “They literally laughed at me,” when I asked them that question, explained Sohns in the video. “90% of the foreign exchange transactions involved the US dollar; it absolutely dominates,” the traders said.
The financial influencer also answered questions about BRICS trying to back their upcoming currency with gold. “Good luck backing your currency with gold,” he said. And added, “The US owns (gold) two times as much as all of the BRICS countries combined.”
“The world reserve currency doesn’t change overnight. The US passed the UK as the largest economy in the world in 1916, and the US dollar didn’t become the world’s reserve currency until 1944. It took a World War to change it. Let’s put this one to bed,” he said, indicating that Wall Street does not believe BRICS currency could replace the US dollar.