CandleFocus What Happens to Bitcoin if BRICS Breaks the Dollar Dominance? Positive or Negative?
2024-10-25
Author: Content Editor
The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, along with new members such as Iran, Egypt, Ethiopia, and the United Arab Emirates, are exploring alternatives to the US dollar in international trade. They have agreed to develop a payment system based on national currencies rather than the dollar-based Swift system. While Bitcoin is not expected to become the currency of choice for BRICS countries, the move away from the dollar could benefit Bitcoin as it strengthens its narrative as a hedge against dollar depreciation. The BRICS' efforts to challenge the dollar's dominance could increase demand for Bitcoin as a hedge asset. However, the dollar is not expected to lose its status as the world's reserve currency in the near future.
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