How will the BRICS currency influence Bitcoin?

[Etranger]

I know one thing - if someone is hiding something, it means that it is important for him that TRUE INFORMATION does not become publicly available. Well, again - if we take your assumption as logical, then it turns out that China and Russia are hiding their reserves so as not to show that the USA is WEAKER? ! But at the same time, the state propaganda of China and Russia is trying its best to prove this, which means that it is enough to show real gold reserves and simply show the “helplessness” of the United States, and without fabulous propaganda. Those. your assumption turns out to be contrary to reality, given that China and Russia have been opposing themselves to the West and, first of all, the United States over the past years, or even decades.

They are not only hiding, they try to do the best they can to create another image. They offer the fake image of their state of things to seem more intimidating than they really are. I won't say that everything is fake, but a lot truly is. For example, I have come across an article today, which shows that China missiles filled with water, not fuel because of corruption in the army. There are a lot of similar stories about Russia as well, not only in terms of an army, but economy and politics as well. That is why I won't consider their intention to overcome US dollar with their BRICS currency as something powerful and potential.

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[beerlover]

So, we have seen a recent attempt by some of the BRICS nations to create their own currency to rival the US dollar in international trade. We know some countries that form part of this alliance, have been sanctioned and international transactions were blocked by SWIFT that are controlled by Western countries.

A lot of these countries started to use Crypto currencies like Bitcoin to bypass these restrictions, so it will be natural that less demand for Bitcoin would occur, once these countries created their own single currency.

What do you think will happen to Bitcoin, when these BRICS countries created their own digital currency? Will there be a significant drop in the demand for Bitcoin?

Do you think BRICS countries might opt to use Bitcoin for international trade or even as a replacement for the US Dollar? Will they simply exchange local currencies OR will they develop something new? ( Something that can be controlled by them?)

I do not think that there would be too much of a connection between the two. I mean it would impact the fiat world a lot there is no doubt about that and BRIC currency would definitely consider the dollar depowerment a lot in the future, that is greatly obvious and it is made just for that purpose anyway, this is why we need to consider that as a change in the fiat world.

However, when it comes to crypto world, I do not think that there is anything that we need to worry about, it feels like there is really nothing that would change in the crypto world. Why would Bitcoin be impacted by anything BRICS related? Them having a single currency doesn't seem to have any type of long term impact on crypto itself and should be staying the same.

[DrBeer]

I know one thing - if someone is hiding something, it means that it is important for him that TRUE INFORMATION does not become publicly available. Well, again - if we take your assumption as logical, then it turns out that China and Russia are hiding their reserves so as not to show that the USA is WEAKER? ! But at the same time, the state propaganda of China and Russia is trying its best to prove this, which means that it is enough to show real gold reserves and simply show the “helplessness” of the United States, and without fabulous propaganda. Those. your assumption turns out to be contrary to reality, given that China and Russia have been opposing themselves to the West and, first of all, the United States over the past years, or even decades.

They are not only hiding, they try to do the best they can to create another image. They offer the fake image of their state of things to seem more intimidating than they really are. I won't say that everything is fake, but a lot truly is. For example, I have come across an article today, which shows that China missiles filled with water, not fuel because of corruption in the army. There are a lot of similar stories about Russia as well, not only in terms of an army, but economy and politics as well. That is why I won't consider their intention to overcome US dollar with their BRICS currency as something powerful and potential.

Any totalitarian countries, have a mandatory second and third component: corruption and lies. And this is a systemic process. Yes, in China they say that even thousands of corrupt officials are punished, but ... here again as about Chinese gold - no one knows who really went to jail, and whether he really committed the crime of which he is accused !?!?
The second, and I would say the most powerful example is Russia, where there is total plunder and total lies, both at the domestic level and at the level of geopolitics. They lie to others, lie to themselves, steal from others and from themselves. The only problem is that the West is playing loyalty and liberality again, and allows thieves and corruptors from totalitarian countries to enjoy all the benefits of Western culture and markets for funds obtained illegally....

Returning to gold - I do not exclude that Russia through the friends of the international criminal Putin, has long ago exported the main reserves of gold to the EU or the U.S., because they do not plan to live in Russia, and are trying hard to steal in Russia to go to the West.

[franky1]

Simple question - can anyone confirm gold reserves in Russia and China?

the UK also did not disclose PROOF of how much gold was hoarded in the bank of england
the US also did not disclose PROOF of how much gold was hoarded in fort knox

[DrBeer]

Simple question - can anyone confirm gold reserves in Russia and China?

the UK also did not disclose PROOF of how much gold was hoarded in the bank of england
the US also did not disclose PROOF of how much gold was hoarded in fort knox

I'm not denying it
But let me clarify - my question about withholding information was related to a slightly different topic. It referred to the phrase "like Gold, considering China and Russia have a TON of gold in comparison to other nations". Do you understand the difference ? The emphasis was on the fact that China and Russia allegedly have the largest gold reserves. Not Britain, not the US, but China and Russia
I will add moreover - whether it is China, Russia, Britain, USA, Japan, Indonesia, Paraguay, Burma, I am doubtful about such an indicator as gold reserves in the state reserves. There are a lot of historical facts that speak about regular falsification of these indicators ! Therefore, for me it is not important who says about their gold reserves, for a simple reason - they are actually not realistically verifiable.

[Etranger]

I know one thing - if someone is hiding something, it means that it is important for him that TRUE INFORMATION does not become publicly available. Well, again - if we take your assumption as logical, then it turns out that China and Russia are hiding their reserves so as not to show that the USA is WEAKER? ! But at the same time, the state propaganda of China and Russia is trying its best to prove this, which means that it is enough to show real gold reserves and simply show the “helplessness” of the United States, and without fabulous propaganda. Those. your assumption turns out to be contrary to reality, given that China and Russia have been opposing themselves to the West and, first of all, the United States over the past years, or even decades.

They are not only hiding, they try to do the best they can to create another image. They offer the fake image of their state of things to seem more intimidating than they really are. I won't say that everything is fake, but a lot truly is. For example, I have come across an article today, which shows that China missiles filled with water, not fuel because of corruption in the army. There are a lot of similar stories about Russia as well, not only in terms of an army, but economy and politics as well. That is why I won't consider their intention to overcome US dollar with their BRICS currency as something powerful and potential.

Any totalitarian countries, have a mandatory second and third component: corruption and lies. And this is a systemic process. Yes, in China they say that even thousands of corrupt officials are punished, but ... here again as about Chinese gold - no one knows who really went to jail, and whether he really committed the crime of which he is accused !?!?
The second, and I would say the most powerful example is Russia, where there is total plunder and total lies, both at the domestic level and at the level of geopolitics. They lie to others, lie to themselves, steal from others and from themselves. The only problem is that the West is playing loyalty and liberality again, and allows thieves and corruptors from totalitarian countries to enjoy all the benefits of Western culture and markets for funds obtained illegally....

Returning to gold - I do not exclude that Russia through the friends of the international criminal Putin, has long ago exported the main reserves of gold to the EU or the U.S., because they do not plan to live in Russia, and are trying hard to steal in Russia to go to the West.

I agree, this data you mentioned about is not really checkable. Third parties don't have access to prove it, that is why the image created by those countries remains acceptable and active. Even if the others suspect lies and plunder, they are not able to prove it with the common geopolitical means. Hence, they are forced to play this hypocritical game, because there is little chance that those images together with threats and accusations might be true.

[Wind_FURY]

So, we have seen a recent attempt by some of the BRICS nations to create their own currency to rival the US dollar in international trade. We know some countries that form part of this alliance, have been sanctioned and international transactions were blocked by SWIFT that are controlled by Western countries.

A lot of these countries started to use Crypto currencies like Bitcoin to bypass these restrictions, so it will be natural that less demand for Bitcoin would occur, once these countries created their own single currency.

What do you think will happen to Bitcoin, when these BRICS countries created their own digital currency? Will there be a significant drop in the demand for Bitcoin?

NO, because even if BRICS countries create and print their own currency, it doesn't signify that the U.S. Dollar will merely disappear. The Dollar WILL continue to exist and remain to have demand in international trade. But if a BRICS currency does cause the price of Bitcoin to go down, it will give traders arbitrage opportunities bringing the price back up.

Plus the presumption that a BRICS currency would be an automatic success upon issuance is laughable.

Do you think BRICS countries might opt to use Bitcoin for international trade or even as a replacement for the US Dollar? Will they simply exchange local currencies OR will they develop something new? ( Something that can be controlled by them?)

Let's discuss this...

No, the situation will probably be the same is the one we currently have today.

Simple question - can anyone confirm gold reserves in Russia and China?

the UK also did not disclose PROOF of how much gold was hoarded in the bank of england
the US also did not disclose PROOF of how much gold was hoarded in fort knox

There's also some theories that Fort Knox doesn't hold any, or enough Gold, that's why the U.S. abandoned the Gold Standard because they couldn't pay the Gold owed to Dollar holders.

[puloweh555]

So, we have seen a recent attempt by some of the BRICS nations to create their own currency to rival the US dollar in international trade. We know some countries that form part of this alliance, have been sanctioned and international transactions were blocked by SWIFT that are controlled by Western countries.

A lot of these countries started to use Crypto currencies like Bitcoin to bypass these restrictions, so it will be natural that less demand for Bitcoin would occur, once these countries created their own single currency.

What do you think will happen to Bitcoin, when these BRICS countries created their own digital currency? Will there be a significant drop in the demand for Bitcoin?

Do you think BRICS countries might opt to use Bitcoin for international trade or even as a replacement for the US Dollar? Will they simply exchange local currencies OR will they develop something new? ( Something that can be controlled by them?)

Let's discuss this...

BRICS has a very good long-term perspective because it is seen from the population of the members of the BRICS countries themselves, especially in the future the market could get bigger, both in the fields of agriculture, oil and gas mining, industrial technology, etc. It also seems that BRICS will not take long to expand and will eventually weaken the dollar. Whether we admit it or not, if we look at the countries that joined the Brics, they all oppose the US, of course the aim of creating the Brics is to weaken the dollar which has been monopolizing too much of the world with its dollar.

As for the impact on bitcoin, I don't think it will have any effect because bitcoin and Brics have different goals. After all, Bitcoin is a currency that has unlimited freedom and no one can control it. So there is no need to worry too much about BRICS, BRICS' presence is only to fight the dollar.

[franky1]

There's also some theories that Fort Knox doesn't hold any, or enough Gold, that's why the U.S. abandoned the Gold Standard because they couldn't pay the Gold owed to Dollar holders.

the gold standard was mainly used as the base conversion for INTERNATIONAL trade from 1870
it slipped in and out a few times (early 1920's, 1932-1944) and finally permanently depegged/terminated in the 1970's

the reason was, USA becoming the dominant super power of international conversion but wanted to inflate its position to insure super power status continuation and couldnt do that while pegged to gold.. so they invented a new peg SDR (aka petrodollar)

and its this petrodollar that brics are fighting to get away from. not USA's gold.. in short its not a gold fight

brics are not moving back to a gold backed system. they are inventing their own CBDC per country of brics.. where they can issue new currency each and inflate/deflate all they want from their central banks.. and then convert by a master bridge network, not involving gold nor petro dollar as a medium. but straight barter/forex

in very short we will see the amero group using IMF tools as their international bridge.. and the brics group using BIS tools as their international bridge

[goldkingcoiner]

So, we have seen a recent attempt by some of the BRICS nations to create their own currency to rival the US dollar in international trade. We know some countries that form part of this alliance, have been sanctioned and international transactions were blocked by SWIFT that are controlled by Western countries.

A lot of these countries started to use Crypto currencies like Bitcoin to bypass these restrictions, so it will be natural that less demand for Bitcoin would occur, once these countries created their own single currency.

What do you think will happen to Bitcoin, when these BRICS countries created their own digital currency? Will there be a significant drop in the demand for Bitcoin?

Do you think BRICS countries might opt to use Bitcoin for international trade or even as a replacement for the US Dollar? Will they simply exchange local currencies OR will they develop something new? ( Something that can be controlled by them?)

Let's discuss this...

I think that BRICs is heading towards fiat failure and quite quickly. Especially Russia. The people will see Bitcoin as a safe storage of value and attempt to invest while they can, however they can. Even if the country decides to "make Bitcoin illegal". As China and India have tried to do and failed on many occasions. Brasil is looking at their El Salvador and Mexico neighbors, who are making exciting strides towards Bitcoin (El Salvador has recognized Bitcoin as legal tender and Mexico has been showing signs of doing the same in the near future).

We will definitely see some exciting news about Bitcoin from BRICs in the upcoming months/years. Of that I am certain.

[franky1]

did you know new assets are free from regulation.. like pokemon cards
like alcohol pre 1920

but for a government to be able to (control)licence and permit it, they first need to ban it, and then list exclusion reasons why someone can be permitted..

did you know america also banned bitcoin.
US done it overnight and unnoticed (see: bitlicence)

other countries done it covertly over a bit more time.
while china just big announced the ban.. and are taking time to write out the regulations to permit it.. but slowly you see them doing it. just not yet

as for those thinking that china cant survive without the US

did you know that india has more population than the US, UK, Europe put together
so china just needs to do more trade deals with india to offset losses from US, UK, Europe
add in south america. means china can gain customers
add in africa means china can gain customers

thus no need to cater to US,UK, EU to survive

[ObscurePen]

BRICS is a rather feeble attempt by countries to overturn the US petrodollar... not gonna happen. Its pointless really because to trade with any non BRICS country they have to resort back to the US dollar. And even if they use a gold backed currency US owns the largest gold reserves in the world.

A lot of these countries started to use Crypto currencies like Bitcoin to bypass these restrictions, so it will be natural that less demand for Bitcoin would occur, once these countries created their own single currency.

What is your source for this? I haven't heard anything that is noteworthy. Plus wasn't Bitcoin banned like 10 times in China. And I'm pretty sure Saudi Arabia has a ban on it too. So in short no it won't influence Bitcoin.

Do you think BRICS countries might opt to use Bitcoin for international trade or even as a replacement for the US Dollar? Will they simply exchange local currencies OR will they develop something new? ( Something that can be controlled by them?)

I think, since China already have the Digital Yuan and India have a strong developer community in big name projects (like Polygon), the option that makes most sense is that a native cryptocurrency/"stable" blockchain will be created for international trade, with some sort of backing (like Gold, considering China and Russia have a TON of gold in comparison to other nations).

Simple question - can anyone confirm gold reserves in Russia and China?
I will answer:
1. China has classified all information about gold reserves, volumes, structure, etc. Therefore, what is publicized is only words.
2. Russia, being a pariah country with a degenerating economy, sells gold and ... constantly lies about everything. From its "greatness" to ... yes yes, gold reserves.

So, I would definitely not use this information as a basis for any conclusions.

In comparison these countries have nowhere near what the US has. https://www.gold.org/goldhub/data/gold-reserves-by-country

[Kelward]

So, we have seen a recent attempt by some of the BRICS nations to create their own currency to rival the US dollar in international trade. We know some countries that form part of this alliance, have been sanctioned and international transactions were blocked by SWIFT that are controlled by Western countries.

A lot of these countries started to use Crypto currencies like Bitcoin to bypass these restrictions, so it will be natural that less demand for Bitcoin would occur, once these countries created their own single currency.

What do you think will happen to Bitcoin, when these BRICS countries created their own digital currency? Will there be a significant drop in the demand for Bitcoin?

Do you think BRICS countries might opt to use Bitcoin for international trade or even as a replacement for the US Dollar? Will they simply exchange local currencies OR will they develop something new? ( Something that can be controlled by them?)

Let's discuss this...

Bitcoin is doing very well alongside the Existing powerful currencies like the US dollar, so if the BRICS nations were to create there own currency and perhaps reduce the use of Bitcoin, I don't think that it'll have any major impact on Bitcoin. Maybe for a short term but eventually Bitcoin will recover and pick up again, because it's only on the national levels that Bitcoin usage will be affected, but millions of their citizens can still go ahead in holding Bitcoin.

Remember that more people are being more aware of the potentials of Bitcoin as a decentralized digital currency that gives them privacy in transactions and a valuable investment asset, so if a few drops Bitcoin and more adopts it, then it's a win for it.

[beerlover]

-snipped

And even one upping that, we could say that we are talking about something that is regarding crypto, not dollar. Lets assume that dollar gets devalued, lets assume that in a dreamy world for BRICS nations, dollar is no longer the most powerful one, nor Euro is, lets assume that Brics is the most used currency. Does that really change anything for bitcoin?

It would worth more dollars, but the purchasing power would be similar. Imagine that part, and you will see that BIRCS currency will not change much for bitcoin, it would not really make you be able to buy more with bitcoin, it would keep the purchasing power similar, give or take. There is always a need to buy more bitcoin for bitcoin price to go up, that's the only way.

[Mame89]

What do you think will happen to Bitcoin, when these BRICS countries created their own digital currency? Will there be a significant drop in the demand for Bitcoin?

In my opinion, it is not a decline, in fact Bitcoin will experience a quite significant increase. Because if BRICS creates its own currency it will certainly have an impact on Bitcoin, with the development of BRICS its currency, Bitcoin has the potential to experience great growth in the future. As we know, although Bitcoin does not have a direct relationship with the BRICS currencies or the US dollar, Bitcoin is clearly influenced by both, this can be seen when the dollar weakens, Bitcoin rises. So, bitcoin will continue to grow as BRICS weakens the dollar. Apart from that, Bitcoin also benefited from the decline in the value of the US dollar due to the presence of BRICS which caused the price of bitcoin to increase.

[pooya87]

did you know that india has more population than the US, UK, Europe put together
so china just needs to do more trade deals with india to offset losses from US, UK, Europe
add in south america. means china can gain customers
add in africa means china can gain customers

thus no need to cater to US,UK, EU to survive

It won't work with India because India is basically China's competitor that wants to replace it to to trade with each other. So the trades between them can not be high.
You are correct about the rest of the world though as China is working globally.

Something interesting to point out is that US,UK,EU need China and their colonies to survive. For example the day France loses its African colonies is the day that it becomes a country weaker and more destroyed than Afghanistan! Or for example if China stopped its exports to US completely today, tomorrow US economy would be crippled with severe shortage of strategic goods leading to domestic chaos.

[franky1]

did you know that india has more population than the US, UK, Europe put together
so china just needs to do more trade deals with india to offset losses from US, UK, Europe
add in south america. means china can gain customers
add in africa means china can gain customers

thus no need to cater to US,UK, EU to survive

It won't work with India because India is basically China's competitor that wants to replace it to to trade with each other. So the trades between them can not be high.
You are correct about the rest of the world though as China is working globally.

Something interesting to point out is that US,UK,EU need China and their colonies to survive. For example the day France loses its African colonies is the day that it becomes a country weaker and more destroyed than Afghanistan! Or for example if China stopped its exports to US completely today, tomorrow US economy would be crippled with severe shortage of strategic goods leading to domestic chaos.

india is the fashion nation china needs, china is the tech nation india need
both dont need usa to survive

just based on number of consumers
(US,UK,Canada,EU)          340M+70M+40M+450M = LESS THAN india alone
china can drop uk,us,eu,canada 100% and live on serving india more
add in south america, africa, middle east, rest of asia and the brics wont even notice the US(lack of)

[NotATether]

india is the fashion nation china needs, china is the tech nation india need
both dont need usa to survive

just based on number of consumers
(US,UK,Canada,EU)          340M+70M+40M+450M = LESS THAN india alone
china can drop uk,us,eu,canada 100% and live on serving india more
add in south america, africa, middle east, rest of asia and the brics wont even notice the US(lack of)

That only works when everyone in India can be made into a chinese tech customer and stop buying products from western companies.

They're not gonna buy tech stuff from China if the majority of the tech they are buying comes from Apple, Samsung, Sony, etc. Temu, Shein and AliExpress are taking ground here but it's not enough to make the average person flip.

It's harder than you think.

[franky1]

india is the fashion nation china needs, china is the tech nation india need
both dont need usa to survive

just based on number of consumers
(US,UK,Canada,EU)          340M+70M+40M+450M = LESS THAN india alone
china can drop uk,us,eu,canada 100% and live on serving india more
add in south america, africa, middle east, rest of asia and the brics wont even notice the US(lack of)

That only works when everyone in India can be made into a chinese tech customer and stop buying products from western companies.

They're not gonna buy tech stuff from China if the majority of the tech they are buying comes from Apple, Samsung, Sony, etc. Temu, Shein and AliExpress are taking ground here but it's not enough to make the average person flip.

It's harder than you think.

this topic is about brics right... now tell me the 'I' of BR'I'CS
if brics really does rally together to not rely on the west.. the I will use the C

not sure why you dont see how the likes of Xiaomi phone brand in india suddenly jumped in demand. and how sony is not even close
heck sony is not even in india's top 10 popular phone brand

[Synchronice]

Something interesting to point out is that US,UK,EU need China and their colonies to survive. For example the day France loses its African colonies is the day that it becomes a country weaker and more destroyed than Afghanistan! Or for example if China stopped its exports to US completely today, tomorrow US economy would be crippled with severe shortage of strategic goods leading to domestic chaos.

France becomes weaker and more destroyed than Afghanistan? Simply, how do you predict that? French has great universities, educated population, good infrastructure, good logistics, good doctors and many other benefits over many other country, especially over Afghanistan. There is simply no way that France will become weaker or more destroyed than Afghanistan, there is simply no way unless nuclear weapons explode on their heads.
By the way, what will happen to China if America stops trading with them? Won't their economy be in severe trouble?

india is the fashion nation china needs, china is the tech nation india need
both dont need usa to survive

just based on number of consumers
(US,UK,Canada,EU)          340M+70M+40M+450M = LESS THAN india alone
china can drop uk,us,eu,canada 100% and live on serving india more
add in south america, africa, middle east, rest of asia and the brics wont even notice the US(lack of)

What do you mean in a fashion nation? Clothing/shoes manufacturing? And that's all India needs to fulfill China? And how are Indians going to buy Chinese goods? EU, US and allies have too much power to ignore.

not sure why you dont see how the likes of Xiaomi phone brand in india suddenly jumped in demand. and how sony is not even close
heck sony is not even in india's top 10 popular phone brand

Are Indians able to buy new smartphones every year? Or are majority of their population able to pay a lot of money into it?
There is a big difference between BRICS and US/EU. I have never seen someone leaving EU or the USA to move in India or Brazil to start a better life while millions of people move from BRICS to US/EU to survive and feed their families. There are so many things that people ignore.