However, there is still no official consensus on a single currency for BRICS member countries.
Robert Kiyosaki, author of Rich Dad, Poor Dad, emphasized that a gold-backed BRICS #cryptocurrency would have a significant impact on the US dollar.
As part of the de-dollarization program, the BRICS countries, which originally included Brazil, Russia, India, China and India, are exploring different ways to conduct cross-border transactions that are not dependent on the U. S. dollar or the euro.
Digital technology and #blockchain are one such example. It has also been suggested to create a currency backed by gold.
According to Kiyosaki, if the BRICS officially issues a gold-backed cryptocurrency, the U. S. dollar will collapse,
If the BRICS gold-backed cryptocurrency issues trillions of dollars of counterfeit money, the fiat US dollar will return to the US, causing hyperinflation in the US and eventually leading to the collapse of the US dollar.
The BRICS step: threat to the US dollar or triumph of bitcoin?
In the past, the US dollar accounted for nearly 100% of cross-border transactions, including oil purchases.
However, according to a recent IMF report, the dominance of the US dollar has declined from 80% (2010) to 50% (2023).
In contrast, the Chinese yuan (RMB), a BRICS member, has soared from zero to 50% over the same period.
If gold-backed BRICS cryptocurrencies follow the yuan, U. S. dominance in cross-border #payments will decline further.
In other words, the BRICS countries could return their dollar reserves to the U. S. , and according to Kiyosaki, this increase in supply could cause "U. S. hyperinflation.
To diversify and protect investors in such a scenario, Kiyosaki urged his followers to buy #bitcoin [BTC] and metals,
"It's best to buy real gold, silver, and bitcoin now to protect yourself from the collapse of the U. S. dollar.
SHARE.
Read us at: Compass Investments
