BRICS and Bitcoin

[acroman08]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

[MusaMohamed]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

It is very big question that needs some big prerequisite conditions like BRICS must grow up and succeed with their attempts. Firstly their attempt to launch their BRICS currency like the US. dollar, the Euro as a new global currency to use among BRICS countries, then expand to non-BRICS countries.

Before these things happen, it's too far for future to discuss about what nations in BRICS will do with Bitcoin and cryptocurrency.

Some of them have developments, pilots of CBDCs already.
https://cbdctracker.org/

[betswift]

BRICS isn't that centralized and organized, per se, it's more of a formal alliance than anything else.
So to see them pushing in one direction in that regard and any other - it would be a challenge worth watching.

[Helena Yu]

Most people buy Bitcoin because they want to make money from it.

BRICS is just like another fiat, the value is relatively stable.

BRICS is nothing different to mobile banking or digital fiat, mobile banking exist before Bitcoin, now I don't see mobile banking or digital fiat threat Bitcoin because people use them for different purpose.

[ABCbits]

I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

I don't expect much positive or negative impact, since one of BRICS goal is to limit Western influence (including USD dominance). And IIRC none of country who join BRICS legalize Bitcoin as daily payment method/currency.

[fikrett]

I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

I don't expect much positive or negative impact, since one of BRICS goal is to limit Western influence (including USD dominance). And IIRC none of country who join BRICS legalize Bitcoin as daily payment method/currency.

Yep. They are too different in that regard.
Imagine BTC adoption in China, which pushes heavily into the CBDS more than anything..

[BenCodie]

I've always thought that BRICS will not just compete with the US Dollar/serve to drop the dollar as the reserve currency, though that its currency will be blockchain-based, creating some form of competition or deviation from Bitcoin. Since the US has started claiming that Bitcoin will be their savior from debt and that they will embrace it as a reserve, I wonder if this will turn into a USA/Bitcoin vs. BRICS kind of scenario or if the world will unite and embrace Bitcoin together, or if BRICS will interoperate with the rest of the market. This is one of the very interesting question marks that will contribute to our history as a planet right now in my opinion.

[franky1]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

It is very big question that needs some big prerequisite conditions like BRICS must grow up and succeed with their attempts. Firstly their attempt to launch their BRICS currency like the US. dollar, the Euro as a new global currency to use among BRICS countries, then expand to non-BRICS countries.

Before these things happen, it's too far for future to discuss about what nations in BRICS will do with Bitcoin and cryptocurrency.

Some of them have developments, pilots of CBDCs already.
https://cbdctracker.org/

there is no singular "brics currency" instead its a new type of commonwealth group of contries, where brics countries have its own forex market to swap between their domestic currencies without US influencing the exchange rates of their domestic currencies.

yes they may digitise their currencies (ruble, yuan, peso, and such) into a CBDC(of ruble, of yuan, of peso) and have the 'm-bridge' as the brics forex. but dont confuse gossip of brics being its own currency. its not the case

if the countries do transition to crypto wallet based control of funds via CBDC, where crypto wallets become commonly used, it 'could' help the common person be more receptive to non state controlled cryptocurrency. especially if the CBDC are designed to be inflationary and people learn that non state owned cryptocurrency like bitcoin are deflationary

[BenCodie]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

It is very big question that needs some big prerequisite conditions like BRICS must grow up and succeed with their attempts. Firstly their attempt to launch their BRICS currency like the US. dollar, the Euro as a new global currency to use among BRICS countries, then expand to non-BRICS countries.

Before these things happen, it's too far for future to discuss about what nations in BRICS will do with Bitcoin and cryptocurrency.

Some of them have developments, pilots of CBDCs already.
https://cbdctracker.org/

there is no singular "brics currency" instead its a new type of commonwealth group of contries, where brics countries have its own forex market to swap between their domestic currencies without US influencing the exchange rates of their domestic currencies.

yes they may digitise their currencies (ruble, yuan, peso, and such) into a CBDC(of ruble, of yuan, of peso) and have the 'm-bridge' as the brics forex. but dont confuse gossip of brics being its own currency. its not the case

if the countries do transition to crypto wallet based control of funds via CBDC, where crypto wallets become commonly used, it 'could' help the common person be more receptive to non state controlled cryptocurrency. especially if the CBDC are designed to be inflationary and people learn that non state owned cryptocurrency like bitcoin are deflationary

News was once circulating that a BRICS currency was on the table, with rumors of it being backed by gold and based on the linked article, their local currencies, though according to BRICS+ nations determined to trade in their own currencies and other new reports, it seems that the current approach is a network of their own local currencies for trade as opposed to a new currency.

I suppose to update my post...:

I've always thought that BRICS will not just compete with the US Dollar/serve to drop the dollar as the reserve currency, though that its currency will be blockchain-based, creating some form of competition or deviation from Bitcoin. Since the US has started claiming that Bitcoin will be their savior from debt and that they will embrace it as a reserve, I wonder if this will turn into a USA/Bitcoin vs. BRICS kind of scenario or if the world will unite and embrace Bitcoin together, or if BRICS will interoperate with the rest of the market. This is one of the very interesting question marks that will contribute to our history as a planet right now in my opinion.

...My new question mark is if free market stablecoins or closed CBDCs will be used if they decide to use blockchain for their digital currencies. Or, their own blockchain network? While I believe the Bitcoin protocol is where development efforts around the globe should be focused to create an evolved global payment network, envisioning a blockchain explorer exclusively with BRICS+ local currencies in the form of stablecoins/stabletokens seems like a cool thing to picture (especially if interoperable with Bitcoin and the rest of the crypto market, which would inadvertently create a massive on-ramp for Bitcoin too).

I know it seems like I'm kissing your a$$ every time I say this franky1 (said it a few times), but thank you for your post, it lead to a new line of thinking and updated research. I like your work and if I had merits to hand out I'd be sending you a lot more

[moneystery]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

so far the brics currency is still in the discussion stage and there has been no official adoption by the brics member countries. but if it has been launched and gained global influence, i think it will only affect the us dollar... since the purpose of brics is to weaken the dominance of the us dollar in the brics member countries. related to whether it will affect the price of bitcoin, it probably won't, because the purpose of brics is an economic cooperation organization, and the use of the brics currency is only for trade between brics members.

[sunsilk]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

The original plan is to make the Chinese New Yuan the new standard. But we will never know how things are going to happen then.

Since Trump is befriending back Xi and so, the main plan is to kickout US dollars with all of the alliance that it has got as the main currency.

Maybe soon, there will be talks about an actual one world currency but we'll never know if both will agree to each of their own currencies. But pretty much, the best choice that they can have is to adopt BTC altogether.

[hero_the_bossman]

^ Didn't see the news about the one currency for everyone, but it wouldn't happen.
For the reason that somebody needs to be at the bottom for the rest to stay at top.
 

[asriloni]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

The original plan is to make the Chinese New Yuan the new standard. But we will never know how things are going to happen then.

Since Trump is befriending back Xi and so, the main plan is to kickout US dollars with all of the alliance that it has got as the main currency.

Maybe soon, there will be talks about an actual one world currency but we'll never know if both will agree to each of their own currencies. But pretty much, the best choice that they can have is to adopt BTC altogether.

There will be no more talks about world currency. US is only willing to see US dollar to dominate the world. Trump has sent a threatening message to all of BRICS countries. It's not all of BRICS members are agreed to launch their own currency.

A sanction to tbe BRICS member can change the situation. There's nothing concrete thing about the launch of BRICS currency.

I see no further development about BRICS currency. Meanwhile,  US has already added bitcoin as its future plan. We know how they're one step ahead.

[AVE5]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

Something I don't understand is why would the stability to hold Crypto assets be pegged on the US USD known to be the USDT when cryptocurrency is decentralized and no official or legal defendant that the Crypto industry is centered on the US that would warrant it currency (USD) to be pinned a stablish to a unifying digital and decentralized currency as bitcoin.
Why has the US also had that influencer role in the bitcoin market despites the Speculations that bitcoin isn't officiated with any authorities but just of it communities adoptors.
I believe there're still certain sentiments within the global economy trade with the Brics and the US which the BRICS wouldn't want to play a backup (support) the growth of the US as they both acts as oppositions around the global economy system.
So the BRICs facilitate on the adoption of bitcoin unsentimentally, of course it'd bring a maximum winning to bitcoin and the potential values of bitcoin would be  maximize because they also have an economy influence like the US.

[avikz]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

I don't foresee any impact of BRICS on cryptos. To be honest, I don't think BRICS countries will even launch their own fiat currency anytime soon, especially after the threat from Trump on imposing additional tarrif. Most probably they are going to stick to USD for now and keep a very small percentage of their business in local currencies. Don't expect any big changes in that immediately.

[Dunamisx]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

I don't think any of their decision is going to affect the bitcoin network for anything, even if they succeeded in waging war against the mainstream of USD and introduce their own, what people want is not about a new law, regime or even a new version of government controlled currencies, instead, they want their privacy back, they are so much interested in what bitcoin have started, any other form of currency may choose to exist, but none can overthrown the relevance bitcoin has laid down as legacy.

[Die_empty]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

BRICS nations have not been able to form a common front to achieve their aim of de-dollarization. This has reduced the chances of the organization to agree on a common currency that will be used for trade. Currently, they are encouraging member states to accept local currency thereby reducing the use of the dollars.

Bitcoin adoption and price will increase if BRICS nations decide to use the currency in international trade or as a strategic reserve. But since a leading member state, China is not friendly with Bitcoin, I doubt if such a move will see the light of the day.

[yudi09]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

A planned currency made up of several countries with the goal of breaking the US dollar's influence in the global economy. That's my understanding of BRICS based on several sources.
I don't expect it to have much of an impact on the Bitcoin price market, including in terms of adoption.
This is politics in the realm of economics.

[sunsilk]

I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

The original plan is to make the Chinese New Yuan the new standard. But we will never know how things are going to happen then.

Since Trump is befriending back Xi and so, the main plan is to kickout US dollars with all of the alliance that it has got as the main currency.

Maybe soon, there will be talks about an actual one world currency but we'll never know if both will agree to each of their own currencies. But pretty much, the best choice that they can have is to adopt BTC altogether.

There will be no more talks about world currency. US is only willing to see US dollar to dominate the world. Trump has sent a threatening message to all of BRICS countries. It's not all of BRICS members are agreed to launch their own currency.

A sanction to tbe BRICS member can change the situation. There's nothing concrete thing about the launch of BRICS currency.

I see no further development about BRICS currency. Meanwhile,  US has already added bitcoin as its future plan. We know how they're one step ahead.

So, Trump is playing on two boats here. Befriending China but not willing to give and take especially with the usage of US dollars globally. Of course, that's one of the assets of the United States and they're not going to give that to China.

Being friends while having some business to make in competition is gonna be tough. But this is going to be developing story as they both agreed upon to make peace in their regions.

Looks like Trump did really stopped the talks about BRICS and many countries wouldn't be interested anymore on that allegiance.

[pooya87]

I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?

As it stands today, BRICS will not have any effect on Bitcoin or its price because it has nothing to do with it. The member states have too many other things to deal with (like establishment of a new global payment system which is called BRICS Pay) and they still haven't made any solid move toward adopting bitcoin or shown any interest in it.

However, if in the future these countries decided to add bitcoin as their reserves things could be different because that would help the adoption grow but it still is the same as what US may do in the future. The true adoption growth comes when they actually adopt bitcoin like what El Salvador did not when they just invest in it.