Will the world soon become tired of the US dollar?

[Cryptomultiplier]

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

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[Hispo]

There are like a dozen of threads like this already in this section and also in the Politics and Society section of the forum, anyways, keeping that aside.
I still personally believe that the allegations about the countries of the world continuously growing tired of the USA dollar are exaggerated. The Dollar is still pretty much accepted in all the countries around the planet and it has even gained traction in countries affected by inflation, like Venezuela and Argentina. Here in my country the USD is in free circulation in the form of cash and even banks now allow common citizens to open accounts to hold this FIAT.

I believe BRICS is still very far away from issuing their own currency and try to replace the United States Dollar with their own FIAT, the alliance of the BRICS is too heterogeneous and their economies are very different from one another. If they were to start printing their multinational FIAT as so many people in this forum predict, then that printing will be centralized in China or Russia and China would likely still use artificial inflation to keep the competivity of it's market.
Those other countries who joined are very unlikely to be okey with other country being in charge of controlling the circulation of FIAT, the rates of interest and other macroeconomics.
Until they do not make an official announcement I will still be kind of skeptical.

[hd49728]

The world can not change quickly because it relates to many big things like economic, politic and geopolitical interest.

Comparing GDPs of BRICs and G7 countries
G7 and BRICs have their main pillars are the USA. and China. Those two countries contribute most for GDP of G7 countries and BRICS countries. They are leaders of two competitive groups.

[kentrolla]

I dont think countries will dump USD at this moment as there is a long way to go because everything is connected to dollars be it international trade or investment. First BRICS has to create a common currency and use it for trade and eventually spread it to other South Asian nations and Balkan nations which will take ages and by that time there might be some disagreement because already there are conflicts within BRICS nations like India and Chine or Iran and Saudi as they are already at loggerheads hence I don't think BRICS will pose any danger to dollars.

[Darker45]

The forum would grow tired of topics like this much sooner than the world would grow tired of the US dollar. Perhaps people would grow tired of fiat currency first before they would grow tired of the US dollar.

For all we know, joining the BRICS doesn't necessarily mean leaving the US dollar. And China, BRICS largest economy, is the top trading partner of the US.

Also, this is more of geopolitical posturing, and except those countries that have lifetime rulers, the rest could change their stance as soon as leadership shifts or changes.

[Yamane_Keto]

The currencies of these countries are affected by dollar in one way or another, and theهق dependence may different. even if the BRICS coalition tries to change this equation, it will find it difficult due to the difference in markets. The Kingdom of Saudi Arabia and the United Arab Emirates have their currencies linked to a fixed value of dollar, Argentina has hyperinflation, and Iran is being economically besieged. China has exposure to US bonds. India is closer to an alliance with the United States due to exporting products to Europe. All of these countries need the dollar, but their alliance is a way to reduce exposure to the dollar, and perhaps after decades the use of the dollar in international trade and the sale of oil will cost less than 50%.

[pinggoki]

They'll get tired of it as soon as the empire of US government falls, that's the only way that it can make the world lose interest in the US dollar, the global market is so tied with the US as it's global currency that it's difficult to say that the world will ever get tired. I don't think that people will get tired of it that easy, maybe a flash crash on the USD and we will see something different and I'm proven wrong that we will quickly get tired and replace US dollar but seeing the influence of USA to other countries, I think that it's going to be difficult to happen.

[Kakmakr]

The problem is this....

Countries can switch to another "currency" .... but how much demand is there globally for that currency?

We are already seeing how this backfired with coutries accepting the Indian Rupee. A country like China might accept the Indian Rupee, but other coutries will still only accept the US Dollar... then China are stuck with Billions of Rupee that they cannot use for anything else.

Yes, as soon as more coutries start to join BRICS ...dedollarisation might happen... but it's going to take time.

[Jawhead999]

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

You think BRICS currency isn't a stable coin or completely backed by gold, oil etc that suggested by Putin? what's the difference with USD which was backed by gold reserve and then they choose to end it, now USD is backed by nothing, BRICS has a same possibility like USD.

Nah, don't put a big hope cryptocurrency will replace USD, they're currently want to control Bitcoin by accepting ETFs, if they can control Bitcoin, they don't have to worry about the decentralized coin that could harm them.

[cabron]

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

You think BRICS currency isn't a stable coin or completely backed by gold, oil etc that suggested by Putin? what's the difference with USD which was backed by gold reserve and then they choose to end it, now USD is backed by nothing, BRICS has a same possibility like USD.

Nah, don't put a big hope cryptocurrency will replace USD, they're currently want to control Bitcoin by accepting ETFs, if they can control Bitcoin, they don't have to worry about the decentralized coin that could harm them.

Because both of them might just not be backed by any gold then there shouldn't be any reason to use both at all. Yet here we are using USD and then sooner some of the people in the BRICS  countries may also use their own.

The world will not be tired of USD, but I think the East will use the BRICS currency while the West will use the USD. We're witnessing Argentina where President Milei follows the same path as El Salvador using the USD abandoning their own currency.

[Arenga pinnata]

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

Dollar dominance may weaken over time. But still the dollar will be really needed for international and world transactions. Even in crypto itself, we are used to US dollars. So it is very difficult to get rid of our habit of dependence on the US dollar. But we don't know if that is 20 years later from now. Maybe the world will change. Likewise in the global economic order. We don't even know whether BRICS will get stronger at that time or weaken again. But what I can say in the near term is that the Dollar will still remain strong and people will not get bored quickly. But in the long term maybe that can happen.

[Alpha Marine]

Don't you people get tired of this propaganda? Every day we see new questions like this. Some even claim the US dollar is dead. Why does everything have to be exaggerated this much?

Are the BRICS countries going to have one currency that all member states can use freely across borders? Or they're still going to use their local currencies.
No single country in BRICS has a currency with a higher value than the dollar, but apparently, it's only the dollar that's dying. Even the Chinese yuan does not have more value than the dollar and this is the dollar at its lowest apparently. The dollar at its lowest still has more value than the Chinese yuan at its strongest.

All I see is failed countries looking for who to blame for their misfortune and China is exploiting that. Why do you ask a sovereign country allow the US and it's dollar to have that much control over you? If you build your currency to be higher than the dollar would you feel that much burden in the international market?

Currently, countries would still choose the dollar as their reserve currency over the yuan. Let's not make it look like only the American economy is facing challenges and exaggerate alone, China and Russia have their issues they're also dealing with.
This is simply a fight for who to come out on top,  don't for a second think any one of them cares about other countries more.

To answer your question, if I were to choose between $100 and ¥100, every one of us here would pick $100.
If I had to choose between $100 and ¥710 (the worth of $100) I'd still choose $100 because if I want to hold it, the dollar will increase by more % than the yuan and if I want to sell it, the dollar would be easier to sell at a good price.

[stompix]

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

Go tot the market place section on this forum:
https://bitcointalk.org/index.php?board=5.0

Count the numbers of topics that are about payments in $ and the numbers of topics with payment in Brics shitcurrencies!
Then substract the brics ones from the dollars one, which is pretty simple since the brics one is zero!
The result is the numbers of years you're going to have to wait for something to replace the $! 

The forum would grow tired of topics like this much sooner than the world would grow tired of the US dollar. Perhaps people would grow tired of fiat currency first before they would grow tired of the US dollar.

As per responses,  the forum is already tired of these!
Everyone here knows the price of one BTC is $45k but less than 1% know what's the price in those alternative currencies if it's not their national one.
The dollar is here to stay no matter how much the russian and chinese propaganda wants it dead!

[Coyster]

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

No! When you talk of "BRICS currency" you're talking about the individual currencies of the member nations, and TBH none of them is stronger than the dollar, and neither do any of these member nations have a better economy than the U.S. economy. The dollar isn't going to go into oblivion as some people envisage (or rather just wish). Do not believe the propaganda that is being spread about the U.S. and the U.S. dollar, there is no currency that is as yet fit to replace it as the world's reserve currency.

[Cryptomultiplier]

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

No! When you talk of "BRICS currency" you're talking about the individual currencies of the member nations, and TBH none of them is stronger than the dollar, and neither do any of these member nations have a better economy than the U.S. economy. The dollar isn't going to go into oblivion as some people envisage (or rather just wish). Do not believe the propaganda that is being spread about the U.S. and the U.S. dollar, there is no currency that is as yet fit to replace it as the world's reserve currency.

The US dollar has a strong argument in such a case because as rightly said, it is the world's most used currency both for international and with national boundaries.
What the BRICS countries by my thoughts are simply doing is nothing more than creating an alternative to an almost monopolized dollar currency, with the hopes that the currency would compete with the dollar, thus dropping or restricting the power it has over the world economy.
It is just like other cryptos are doing to compete against Bitcoin for top most valuable coin of the future.

[Marvelman]

The US dollar has a strong argument in such a case because as rightly said, it is the world's most used currency both for international and with national boundaries.
What the BRICS countries by my thoughts are simply doing is nothing more than creating an alternative to an almost monopolized dollar currency, with the hopes that the currency would compete with the dollar, thus dropping or restricting the power it has over the world economy.

I think that's a narrow-minded perspective. What BRICS is doing with maybe making a new reserve currency isn't about kicking the dollar out completely.  Its about having options so the dollar isn't the only thing holding everything up.  Sure the dollar would still play a big role but taking some pressure off it could make the whole system less fragile.

Having everything tied to the dollar might seem convenient, but it opens up countries to get slammed whenever the U.S.  changes stuff with the dollar's value.  If things get too connected, problems can spread easy.  I think countries want to have a backup plan if the dollar takes a hit one day.  Spreading things around more means there's less chance of a crisis spreading everywhere.  More tools in the toolbox, you know? That's how Im seeing BRICS' motivations anyway.

It is just like other cryptos are doing to compete against Bitcoin for top most valuable coin of the future.

Only shitcoins and fork coins want to compete with Bitcoin for the top spot, legitimate cryptos have their own use cases that are not meant to compete against Bitcoin.

[slapper]

The BRICS nations now control a large part of global GDP, signaling a shift. Watching Saudi Arabia and the UAE diversify their economies with such ambition Their sports, tourism, and infrastructure expenditures are changing their global stature. Diversification and the growth of BRICS (Iran, Egypt, and Ethiopia) change the global economic balance. Could this be the start of a more diversified global economy with less dollar-dependence?

Cryptocurrencies are a new asset class that challenges traditional finance. We like their decentralization and financial inclusion potential. Let's not ignore the obstacles. Cryptocurrencies face regulatory acceptability, volatility, and security difficulties. Are they ready to replace the dollar? Perhaps not now. They're part of a bigger discussion about money and global finance's future. A world where digital currencies are important alongside the dollar is becoming more likely. The US dollar's supremacy is unlikely to change, but the financial landscape is becoming more complex. This change is interesting and surprising

[davis196]

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

I wouldn't consider multimillion dollar soccer star transfers an "investment". The rich countries in the Persian gulf are trying to build a tourist industry, but who is going to visit those destinations? Mostly Americans and Europeans, who are paying with dollars and euro.
It's normal for the US dollar to be facing a global decline in transactions. The world is moving towards a financial system, that won't be dominated by one or two currencies. National currency settlements might be replacing the US dollar. The BRCIS currency is still a concept.
I don't believe that cryptocurrencies will be mass adopted as a payment method in international import/export transactions.

[Coyster]

It is just like other cryptos are doing to compete against Bitcoin for top most valuable coin of the future.

If we are to go by this analogy, how many altcoins have been able to do this, do you know how many shitcoins that people said would be the "next Bitcoin", but right now they are either worthless or completely out of the market.

What the BRICS countries by my thoughts are simply doing is nothing more than creating an alternative to an almost monopolized dollar currency, with the hopes that the currency would compete with the dollar, thus dropping or restricting the power it has over the world economy.

Mind you that the "BRICS countries" do not have a unified currency, all member nations have their individual currencies, so amongst these currencies, which do you think is going to render the dollar "dead" and become the world's reserve currency?

[DeathAngel]

The BRICS economies (Brazil, Russia, India, China, and South Africa) are growing in influence it is unlikely that the USD will soon stop being the world reserve currency. The USD's status is rooted in the stability of the US economy, its huge financial markets & the mass use of the currency in international trade. Cryptocurrencies are gaining popularity they are still relatively new & face regulatory challenges. It would require significant shifts in global economic dynamics, financial & political agreements for the USD to be replaced as the world reserve currency in the near future.