2024-05-13 11:04:52
- BRICS gold-backed cryptocurrencies will have a big impact on the US dollar, says Kiyosaki
- However, the BRICS member states have no official consensus on a common currency.
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” drew attention to the serious impact of BRICS gold-backed cryptocurrencies on the US dollar.
As part of their de-dollarization plans, the BRICS countries (which originally consisted of Brazil, Russia, India, China and India) have explored different ways to conduct cross-border trade without relying on the dollar USA or the euro.
Digital technology and blockchain are part of the plans. In addition, a gold-backed currency has also been floated.
According to KiyosakiIf BRICS formed gold-backed cryptocurrencies, the US dollar would collapse.
“If BRICS gold cryptocurrencies generate trillions in counterfeit money, US dollar fiat will quickly return to the United States, causing hyperinflation in the United States and eventually destroying the US dollar.”
The BRICS movement: A threat to the USD and a victory for Bitcoin?
In the past, the US dollar accounted for nearly 100% of cross-border transactions, including oil purchases.
However, a recent IMF report report established that the dominance of the US dollar has declined, from 80% (2010) to 50% (2023).
In contrast, BRICS member China’s renminbi (RMB) jumped from zero to 50% during the same period.
If the BRICS gold-backed cryptocurrency follows in the footsteps of the RMB, it will further influence the dominance of the United States in cross-border payments.
That means the BRICS countries could dump their dollar reserves back to the United States and, according to Kiyosaki, such an increase in supply could cause “hypoinflation in the United States.”
To diversify and protect investors in such a situation, Kiyosaki urged his followers to buy bitcoins [BTC] and metal,
“Better to buy real gold, silver and Bitcoin now and protect yourself from the fall of the US dollar.”
However, an official BRICS gold-backed cryptocurrency may still be a long way off.
In August 2023, India’s Foreign Secretary Vinay Mohan Kwatra emphasis BRICS members have the option to trade with their respective currencies rather than a common currency.
even though Russia towards a common currency in March 2024, including blockchain and digital technology, not yet an official agreement by all BRICS members.
Perhaps more clarity can be shed during the next BRICS summit in Russia, scheduled for October 2024.
This is an automatic translation of our English version.
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