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In this video, I discuss the BRICS+ countries' proposals for a new currency to rival the US dollar, and how the emergence of a global Bitcoin standard fits into the picture.

A new BRICS currency that is backed by a basket of these countries' fiat currencies would probably continue to depreciate sharply against the USD, just as the individual currencies have done over the past 15 years.

A new BRICS currency that is backed by gold or a basket of commodities would run into similar problems as the gold standard:

Who gets to hold the commodities that back the currency?
Who gets to audit the supply?
Why should we trust the auditor?

BRICS-Coin would be an odd rag tag alliance between a bunch of countries that don't really like each other or have much in common apart from a common hatred of the weaponization of the US dollar.

For these reasons, I expect the US dollar to maintain its preeminence, but to slowly transition to a global Bitcoin standard, as the USD continues to lose purchasing power against BTC-- and as countries discover that Bitcoin is the perfect reserve asset for settling trade surpluses and facilitating global trade.

Not investment advice! Consult a financial advisor.

China and Brazil reach RMB-based trade deal:
https://asiatimes.com/2023/03/china-and-brazil-reach-rmb-based-trade-deal/

India's oil deals with Russia dent decades-old dollar dominance:
https://www.reuters.com/markets/currencies/indias-oil-deals-with-russia-dent-decades-old-dollar-dominance-2023-03-08/

BRICS as reserve currency:
https://think.ing.com/opinions/brics-the-new-name-in-reserve-currencies

BRICS Nations Developing "New Currency" As Quest For Global De-Dollarization Accelerates:
https://www.zerohedge.com/geopolitical/brics-nations-developing-new-currency-quest-global-de-dollarization-accelerates

Should Bitcoin Be Backed By Something?
https://www.youtube.com/watch?v=E6pGmGESjHw&ab_channel=BitcoinUniversity

BRIC nations propose cryptocurrency for payment settlement system:
https://decrypt.co/11562/bric-nations-propose-cryptocurrency-for-payment-settlement-system

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#brics
#usd

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