On the floor of Wall Street at the NYSE building, seasoned traders were asked about the proposed BRICS currency by financial influencer Taylor Sohns from LifeGoal Wealth Advisors. Their replies have made it clear that they don’t believe a new currency could challenge and uproot the US dollar. He asked traders, “What do you think about the upcoming BRICS currency?”
The video shared by Sohns 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 put to rest the fears of Wall Street and NYSE traders about the upcoming BRICS currency.
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What Do NYSE & Wall Street Traders Think 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 (Wall Street) 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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He revealed that Wall Street and NYSE traders “laughed” at the prospects of 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.
Apart from Wall Street and NYSE, Sohns also answered questions about BRICS, trying to back their upcoming currency with gold. “Good luck backing your currency with gold,” he said. “The US owns (gold) two times as much as all of the BRICS countries combined.”
He repeated what Wall Street & NYSE traders summed up on the upcoming currency. “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.