Bitcoin may see surge ahead of BRICS “global currency” plan

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Half a dozen countries are planning to disconnect themself from the US dollar, sparking a positive sign for Bitcoin trade price. 

After the COVID-19 pandemic, the global economy saw a significant downfall. In September 2022, the US CPI inflation over Sep 2023 was 8.2 percent. Few financial experts believe that the worst is yet to come & people should remain ready to fight the situation. Brazil, Russia, India, China, and South Africa are members of BRICS and they are planning to bring a global currency to eliminate the need for the US dollar.

Recently South African Minister of International Relations and Cooperation, Naledi Pandor, said that BRICS members are interested to join a discussion to bring a situation about whether BRICS members can easily remove the necessity of the US dollar need so that countries can settle the trade together without relying on the US dollar.

“South Africa has an internationally traded currency. However, we hold a lot of debt in dollars so you know we have to approach this discussion responsibly,” the South African minister said.

Reliance on the US dollar

Because of the surging inflation rate in the US economy, the US dollar failed to grab reliance at a better level. Also, one of the big economies Russia was sanctioned by the Western countries, including the US. 

If the global currency is introduced successfully then surely it will eliminate the role of the US dollar & also Russia will be able to trade with every friendly country without any restriction of Western financial sanctions. 

Impact on Crypto 

Many crypto experts noted that the majority of the crypto assets trade under the US dollar pair and degrading reliance on the US dollar will surely decrease the value of the US dollar, which will further boost Bitcoin & other crypto assets’ trade price significantly.

Read also: Tech Investor Jason says XRP is a security, Ripple CEO & XRP supporters criticise him badly

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