BRICS: Alliance explores bitcoin's potential use in global trade.
In a recent #interview on CNBC's Squawk Box, Matthew Siegel, head of digital asset research at VanEck, discussed bitcoin's potential impact on global trade, particularly the dynamics between the BRICS countries.
Siegel expects that the U. S. could face economic repercussions after the upcoming election, including a possible debt downgrade from Moody's, which could boost bitcoin's status as a global asset.
the BRICS bloc, which currently includes Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates, has a combined GDP that exceeds that of the G7 countries. Siegel noted that countries such as Argentina, Ethiopia and the United Arab Emirates have already joined government-backed #bitcoin #mining initiatives, reflecting their desire to reduce their dependence on the U. S. dollar.
Russia is also developing bitcoin mining capacity through a partnership between BitRiver and the Russian Direct Investment Fund (RDIF) to create bitcoin and #AI mining capacity in BRICS countries. Siegel believes that this could pave the way for the use of bitcoin in international trade.
he remains confident in bitcoin's long-term prospects, predicting that bitcoin will soon reach the £100,000 to £200,000 mark, driven by financial problems in the United States. According to VanEck's model, bitcoin will become a key asset by 2050 and if it is integrated into international trade. When integrated into international trade, its value could reach £3 million.
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