Keep in mind that they haven't "eliminated" dollar from their international trades, they have decreased its usage. For example China as the biggest bagholder of US debt has dumped $175 billion of it last year but they are still bagholding more of it.
As you correctly pointed out, this is a gradual move where every country goes through the dedollarisation process.
The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.
As you correctly pointed out, this is a gradual move where every country goes through the dedollarisation process.
The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.
I think it will take decades before BRICS countries defeat the US Dollar for good. The "greenback" is still too powerful to go away that easily. But I'd say this is the beginning of the end for US hegemony. I've thought BRICS would use BTC as their main currency especially to avoid sanctions and whatnot. But now I see that won't be the case with their plans to make a currency of their own backed by Gold. Whenever this will become a success or a failure, it's yet to be seen.
I don't think this will have a negative impact over BTC, especially when the Bitcoin blockchain is decentralized. It's likely BTC will survive alongside a basket of Fiat currencies for generations. Who knows how BRICS' actions will shape the future? Just my thoughts
