Part of that is because of dedollarisation. Countries are dumping the dollar, and to replace it with their own currencies in their trades (like ASEAN members) want to have their fiat backed by gold. So they are accumulating it at government and central banks level.
Therefore the rise over the past couple of years.
Meaning without the tensions, this trend is not going to stop.
Therefore the rise over the past couple of years.
Meaning without the tensions, this trend is not going to stop.
Gold is "old school". Why not back their currencies with Bitcoin? Or use Bitcoin as a reserve currency (even better)? For this reason alone, I think BRICS will fail. They need to stay ahead of the game by adopting an asset or commodity which can't be sanctioned. And a truly-decentralized cryptocurrency like Bitcoin proves to be the best choice.
Despite BTC's benefits, it's not perfect. Gold provides many advantages which Bitcoin lacks (mainly the ability to use it offline and hold it in your hands (tangibility)). It's best to diversify between both for complete peace of mind. If wars continue to get worse, there's a high probability Gold (and also Bitcoin) will reach a new ATH. Next target would be $3k per ounce of Gold. Who knows how far will it go?
