Quote from: Abiky on Today at 10:25:05 AM

Quote from: pooya87 on July 19, 2023, 05:33:09 AM

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.

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 Grin

I think the scenario described is from the realm of fiction. And not even science fiction.
Reasons? Simple - none of the BRICS countries, or even all of them together, will be able to compete with the US and its economy.
And especially if you look into the eyes of truth and realize that all the BRICS attempts to get away from the dollar, at best, will turn out to be an approach to the yuan, and the import of Chinese economic problems, or rather pumping them to countries that have left the normal international settlements, going to the "monopoly" yuan from China.
Of course, we can assume a certain situation with the total collapse of the U.S. economy.... But rather the economies of BRICS members will show themselves from the bad side, and by the way they already show themselves - today Russia, China, Brazil,... have large-scale problems. And no one is going to save them or subsidize them

And Bitcoin, with its volatility, uneven distribution of mining (you can say monopolization by some market participants) - will not be able to become a stable and secured currency.