Will the world soon become tired of the US dollar?

[icalical]

Up until now, I haven't seen any official statement from any BRIC spoke person that they want to make their own currency. But even now, some of the BRIC countries already not using USD for trading among themself, they use their own national currency. And I doubt that for now any country would use cryptocurrency for bilateral trading.

And I personally don't think that BRIC need their own unified currency, it will be redundant moreover if it will only be used on interna BRIC countries transaction, and not to other countries outside of BRIC.

[WillyAp]

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.

Way too simplified, they are all sellers, for a business to work out well you need also buyers. Most people hating the $ don't know that there are many people seeing it as a currency worth saving in. Zimbabwe, Venezuela come to mind. 

[bluebit25]

I can describe it as the wound of an arrow shot into everyone's leg. If you want to pull it out, it will definitely hurt and hurt, but you have to pull it out. Similar to the influence of the USD in the economy, it is deeply ingrained in many countries and the overall influence is huge, so the change to independence is a long process for us to take a stance and adapt to change. I see in recent years the economic growth of some new regions and the weakening of places where they were previously considered centers, perhaps a more balanced distribution on a large scale.
Although there will be disagreements and competition or conflicts, there will come a time when we will all have harmony.

[0t3p0t]

There are more than 65 countries peg their currencies to dollar and we all know that majority of the worlds trade were in dollars so I think this makes any sense.

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

Well, cryptocurrencies has a lot of potentials nowadays or even in the future but enthusiasts only trust Bitcoin and BRICS countries may have millions of it on their possession as we all know they have trust issues of their own and this is the reason why they possibly have Bitcoin as contingency funds. One thing is that people don't like centralized digital currency that is controlled by these oligarchs.

[Jawhead999]

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.

If that happens, we will see World War 3.

It start from invasion to gather more power, there are two big nations in the end which are the East and the West.

US will not being silent if the East are using BRICS instead of USD because US is always want to control and dominating the whole nations.

Way too simplified, they are all sellers, for a business to work out well you need also buyers. Most people hating the $ don't know that there are many people seeing it as a currency worth saving in. Zimbabwe, Venezuela come to mind. 

Different people will have a different problem, for people who live in Zimbabwe or Venezuela, it's definitely better to hold in USD, but the problem wasn't solved yet since USD is an inflationary asset too.

[Crypto Library]

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

I don't think the dollar will weaken against the BRICS currency anytime soon. And even if it ever happens in the future, we still have to wait a few ages. It is true if you look at the history, it will be seen that never a nation or state could hold power forever, power changes with time. As such, I can say that we may see another currency in the near future instead of the USD.
But for now I don't think it's possible yet. It is true that a good percentage of the world's economy has joined bricks, but I don't think it will be possible because most of the countries that support Bricks are under-development countries.So for now what I can say is yes bricks will a good competition with Dollar.

[Mate2237]

They are fighting against use dollar and this cause another cold war in the world. But we must say the truth, dollar is the cause of the inflation in the world. We are about to die finished because of the inflation in my location and when you ask them why, they would say it is because of the high dollar rate. And because of that they are are increasing their goods to meet up the high cost of things from the warehouse. And as it is I am not in support of dollar. Dollar being the giant currency in the world would have making things easy for the poor countries to use but they are trying to control the currencies of the poor countries.

But BRICS cannot take over dollar because even cryptocurrency I snot using it and cryptocurrency is an alternative digital currency to the dollar. But when BRICS has strong influence in their jurisdictions then dollar rate will reduce in those countries.

[avikz]

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

I don't look into this situation in a way with says that the world is tired of US dollars. It's not really easy. Even though bricks countries accounts for 28% of the global trade, majority of it are being settled using US dollar. So the dominance of US dollar is still there.

But personally I believe that countries are trying to find ways to reduce their dependency on US dollar. For example, India and Saudi Arabia has started oil trade in local currency. I am sure that more countries will join this band wagon soon. But my fear is that US will then start using war to maintain their dominance. That is not going to be good for the world.

[|MINER|]

Not so easy.  BRICS has been introduced in few countries. I don't think in the current situation the dollar will suffer because of it. They are far from being introduced in their own country, but gaining recognition in the global market.  Some countries are completely against BRICS.  So there is nothing to think about it.  BRICS expansion is long overdue.

[WillyAp]

They are fighting against use dollar and this cause another cold war in the world. But we must say the truth, dollar is the cause of the inflation in the world.

Hilarious that statement is.
Human behaviour is the driving force of inflation.
Humans are capable of making any currency inflationary. Just look at exchanges which slowly but surely raise their fees. 

[tyz]

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,

The problem with this is that it is not sustainable development. The economies of these countries are built on sand (funny play on words I know). Most of their income is based on oil and gas. Tourism and everything else is negligible. However, the time of oil and gas is slowly running out, neither are they available forever, nor will they be less in demand due to the transformation of many industrialized countries because of climate change. That is why these countries are desperately trying to find alternative business models, which has not worked very well in recent years. All the ostentatious buildings are just appearances. The fact that countries are obliging ageing football top stars for a few years may bring short-term publicity, but will not be sustainable either. In principle, this is a huge money-burning machine.

[mirakal]

While USD remains to be the official currency, then there’s no reason that people will eventually get tired on using it. However, with the emergence of cryptocurrency particularly bitcoin, they will find it a more convenient mode of payment than USD, and will gradually become a choice of payment system in the future.

But, this will only be possible if the government will legalize and accept bitcoin as a reserved currency, which means if they find it more convenient to use bitcoin than fiat, then they’re free to use it without being restricted by the government.

[dothebeats]

USD will still be the top reserve currency for the world in a few decades more. Even if BRICS are trying to distance themselves away from USD as a reserve currency, most of the world are still using the said currency in their international trades and transaction. There's only a handful of countries aligned with what BRICS wanted to do and they can't really push their agenda very easily. Especially with China manning the helm of this boat, a lot of countries might be wary of dealing with them and just move towards the lesser of the two evils which is the USA and its partners.

Even the oil-rich countries will have a hard time dismantling the hold the US installed on the world economy. They will have to make do with what they have currently and try to persuade more countries to join them and collectively try to avoid the products of the West.

[ancafe]

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,

The currency system cannot change the new transaction style so quickly because it involves the Dollar's contribution to several pressing policies. BRICS is a rival product because they intend to break the dollar's dominance in elegant ways which they do by asking for support from other countries who want to join. Of the three countries you mentioned that have entered BRICS, only Egypt and Iran have good economic strength and they have natural resources that can be relied on.

No one will ever be satisfied with the dollar's behavior and there will definitely be competitors who will try to limit its dominance, but the question is how far this can be done because dollar policies have affected the country's economic system. They have even entered several other sectors that are considered sacred and important.

[Darker45]

USD will still be the top reserve currency for the world in a few decades more. Even if BRICS are trying to distance themselves away from USD as a reserve currency, most of the world are still using the said currency in their international trades and transaction. There's only a handful of countries aligned with what BRICS wanted to do and they can't really push their agenda very easily. Especially with China manning the helm of this boat, a lot of countries might be wary of dealing with them and just move towards the lesser of the two evils which is the USA and its partners.

Even within the small BRICS alliance itself, countries are probably wary of each other. China is, of course, generally a sneaky country. But especially with India, for example, we can't expect the two to be solid allies. And then there's also Saudi Arabia and Iran. They aren't the best of friends either, even in the Middle East. They could be together if confronted with a common enemy, but could also be the opposite sides of a coin. In Yemen, for example, they're against each other.

This BRICS really isn't much of a threat if others expect it as the group that would challenge the US and the west and the influence of the USD.

[Zlantann]

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.

There have been rumours that BRICS will be floating a single currency that will compete with the US dollar. But the proposals are mere words that cannot be implemented. BRICS as an organisation has a fundamental problem which is the inability to pursue its policy in a united front. They have come up with different policies that have never been achieved because they are not united. I know China would want the organisation to adopt the Chinese Yuan as the major currency while Russia would want to make the Rubles the major currency of member states. Another problem this organisation has is that many of them still have strong bilateral relationships with some Western nations, so their loyalty to this organisation is in doubt.     

No one will ever be satisfied with the dollar's behavior and there will definitely be competitors who will try to limit its dominance, but the question is how far this can be done because dollar policies have affected the country's economic system. They have even entered several other sectors that are considered sacred and important.

The global economic system is deeply Dollarised and it will be difficult to engage in any form of international trade without the dollars. Even the countries that claim that they are dedollarising still keep the currency in their reserves. It took many years and great economic and political effort to make the dollar the king of all currencies, it will take a greater effort to dethrone it.   

[tread93]

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.

I love this response hah.

BRICS is not the answer to a world w/o USD as the world reserve currency, think about it the world has been tied to USD since the end of the world wars and it has only grown stronger and stronger as a globally accepted medium of exchange for years and years up until reccently. The problem is that BRICS is too diverse and honestly not really backed by anything right now other than themselves its like a huge puzzle that has been scattered across a table and not put together right now lol. Taking tons of countries to combat one for the global reserve status is no easy task.

[Hewlet]

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

even though these are all true, the US dollar still remain the most popular and dominant currency globally. Even if bitcoin is adopted globally, people will normally convert their Bitcoin to the US dollar before ever converting it to their local currency.

I don't even think that at the center of the advocacy for crypto adoption lies the plan to look for alternative to the use of the US dollar. I believe that it is more of looking for an alternative way of solving the problem associated with the over regulatory ability of the government on these centralized institution that has made the desire for global acceptance of cryptocurency or bitcoin whose decentralized nature has improved on the usual banking system to be sort after.

[Taskford]

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

They tried but they failed since USD already create a stable root on global economy that's why it will be so hard for BRICS or crypto to eliminate USD totally since for now global economic trades are dependable on US currency. And I think this will stay for long time as long as US still  powerful country in the world. But if we see a global economic collapsed and major businesses together with a lot of countries stop its support for USD maybe we can see this to happen.

So let see in future if we can see good development on global economy and if there's one currency will go up then became more famous also powerful and totally defeat the USD on its current state.

[Sim_card]

The only way that i can see USD becomes weak is when they are no longer the world power, but as long as they are still the world power to decide on what to do in the world and how to handle issues of other countries, the USD remains the most used currency for international trade because all most all the countries in the world that is rich is connected with doing business in the US. The BRICS wouldn't be able to have one currency that will be able to superior over USD, only if they can join force against US to take over world power which will be impossible. US is connected to most countries for business in one o two ways.