BRICS and Bitcoin

[retreat]

-snip-

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.

Although so far there is no official date when the BRICS currency will be launched, but this currency has been prepared, even its form has been introduced and its framework. It's just a matter of time before it will finally be launched to the members. You know that BRICS is a cross-country organization, of course developing 1 currency for this organization is not easy, it definitely needs a lot of further discussion.

And discussing the relationship between America and BRICS with Bitcoin is probably more complicated. BRICS is an organization, while America is a country. BRICS is unlikely to issue a decision related to Bitcoin because it is not part of their plan - the decision regarding Bitcoin will be left to each member country, whether they want to legalize it or not, or make it their reserve. While America is a country, they can issue policies regarding Bitcoin more freely. That's the difference.

[NewRanger]

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.

This year many adoptions come from several countries and this supports the use case. Yes. this is the information I have been looking for all this time what will be decided together, if not I am sure there will be an imbalance that will befall especially countries that try to avoid and fight the dominance of the dollar as a medium of transaction.

[acroman08]

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.

yeah, that's true(at least as far as I know) but then again, I remember seeing a headline where Russia legalize mining and owning crypto, it may not be as much as what El Salvador and other countries have done but I think it is still a big step on Russia's acceptance towards crypto.

[FortuneFollower]

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.

yeah, that's true(at least as far as I know) but then again, I remember seeing a headline where Russia legalize mining and owning crypto, it may not be as much as what El Salvador and other countries have done but I think it is still a big step on Russia's acceptance towards crypto.

Even though some of the countries from BRICS would adopt BTC more, that wouldn't be a full-on initiative from all the countries from the block.
Because they are too different and have different stances on crypto and BTC as a whole..

[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.

yeah, that's true(at least as far as I know) but then again, I remember seeing a headline where Russia legalize mining and owning crypto, it may not be as much as what El Salvador and other countries have done but I think it is still a big step on Russia's acceptance towards crypto.

But don't forget some country (part of BRICS) already legalize Bitcoin as investment, asset or property (which also means their citizen can own crypto), so it's nothing major. Besides, Russia did that as part to evade sanction rather than giving their citizen more choice or freedom.

[john_egbert]

But don't forget some country (part of BRICS) already legalize Bitcoin as investment, asset or property (which also means their citizen can own crypto), so it's nothing major. Besides, Russia did that as part to evade sanction rather than giving their citizen more choice or freedom.

Agreed.
It's more about the means to an end for Russia than about belief in BTC and its potential
That's my opinion, of course, so I agree with you.

[acroman08]

Even though some of the countries from BRICS would adopt BTC more, that wouldn't be a full-on initiative from all the countries from the block.
Because they are too different and have different stances on crypto and BTC as a whole..

and I wasn't really expecting it to be, I was just thinking that it might be a step forward for Russia and maybe over time they may become more accepting towards crypto(but who knows what will happen).

But don't forget some country (part of BRICS) already legalize Bitcoin as investment, asset or property (which also means their citizen can own crypto), so it's nothing major. Besides, Russia did that as part to evade sanction rather than giving their citizen more choice or freedom.

I guess you're right, and them legalizing mining and owning crypto to evade action does make sense.

anyway, I am still curious about what possible effects BRICS might have on Bitcoin/crypto.

[mindrust]

I don’t think it will have much effect on bitcoin particularly if BRICS counties become bigger economies. What’s the point of this question? Are you asking this because you are assuming there are more crypto fans in those countries than the rest of the world? If so, that might have some positive effect on bitcoin but you didn’t give us enough insight on what you think exactly. At least give us some of your own expectations and then we’ll continue with the discussion from there.

[sunsilk]

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.

This year many adoptions come from several countries and this supports the use case. Yes. this is the information I have been looking for all this time what will be decided together, if not I am sure there will be an imbalance that will befall especially countries that try to avoid and fight the dominance of the dollar as a medium of transaction.

We've already seen that there's something happening if it's about the separation of other nations to the pair that they have with USD.

It's sure a very tough thing for the US if the majority of the global market will be separate from them. However, with the new leadership through Trump, it looks like there will be a better place for them.

And recently, he's aware of the things that are happening like with the crash of the stocks of tech companies due to some cheaper AI technology from China.

[Z-tight]

There is no connection, for now brics is more concerned with what they call de-dollarization and smooth trade relationship between member states. As far as i know, they have not spoken about BTC, and some of the countries in this organization like Russia and China are not very friendly to BTC, so i don't think BTC has any space in their plans.

If they are to have any currency plans, it is to create one that will be accepted amongst member states without any barrier, and it will be a centralized currency and not a decentralized one.

[ThemePen]

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.

That is realistic view of situation right now. BRICS countries have their own plans like creating BRICS Pay system and they have not shown any real interest in using Bitcoin. While it is possible that they might think about adding Bitcoin to their savings in future which could help more people start using it it is important to know difference between investing in something and really using it. Really using Bitcoin like El Salvador did, means that country makes it part of their economy not just putting money into it.

[Synchronice]

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 and word influence globally deserves another discussion to my mind BRICS has the highest number of population because China and India alone. 17,8% of population comes to India and 17.4% of population comes to China. Then there is Brazil, Russia and so on, I won't talk about that. BRICS is huge with a huge population but believe me, quality outweighs quantity. West is very small but west influences the globe.

From where does the innovation mostly come from? Western countries. China does very well recently but they aren't innovative, they are good at copying and then making it better (which is some part of innovation but not invention).

I think that if BRICS starts Bitcoin adoption, it will force the west to adopt Bitcoin and this fight will finally lead to an increased competition in Bitcoin. This should drive the price very high but Bitcoin will become regulated as hell. That's my opinion.

[EarnOnVictor]

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 or not, Bitcoin will flourish and will also face weighing hurdles and decisions by countries. BRICS is only an organization, it's not where economic solutions and decisions of a country are being made, there's sovereignty in countries, and they have tehri decisions to make. BRICS may only introduce its payment system, which they've already done, but yet, it will have no effect on Bitcoin just as fiat exists and Bitcoin exits. As of now, part of the BRICS countries support Bitcoin, but not all, there will always be division in Bitcoin adoption and use, but this will change nothing about its progress even as people in those countries where it is banned still find means to own their sizable share of it.

[betswift]

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 and word influence globally deserves another discussion to my mind BRICS has the highest number of population because China and India alone. 17,8% of population comes to India and 17.4% of population comes to China. Then there is Brazil, Russia and so on, I won't talk about that. BRICS is huge with a huge population but believe me, quality outweighs quantity. West is very small but west influences the globe.

From where does the innovation mostly come from? Western countries. China does very well recently but they aren't innovative, they are good at copying and then making it better (which is some part of innovation but not invention).

I think that if BRICS starts Bitcoin adoption, it will force the west to adopt Bitcoin and this fight will finally lead to an increased competition in Bitcoin. This should drive the price very high but Bitcoin will become regulated as hell. That's my opinion.

Then again - BRICS is not as united as many would think, imo.
Take an example from China and India - they two have completely different stances and goals about many things, let alone crypto.. Imagine what should happen for them to do the same things on the subject.. Something really urgent, really.

[Synchronice]

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 and word influence globally deserves another discussion to my mind BRICS has the highest number of population because China and India alone. 17,8% of population comes to India and 17.4% of population comes to China. Then there is Brazil, Russia and so on, I won't talk about that. BRICS is huge with a huge population but believe me, quality outweighs quantity. West is very small but west influences the globe.

From where does the innovation mostly come from? Western countries. China does very well recently but they aren't innovative, they are good at copying and then making it better (which is some part of innovation but not invention).

I think that if BRICS starts Bitcoin adoption, it will force the west to adopt Bitcoin and this fight will finally lead to an increased competition in Bitcoin. This should drive the price very high but Bitcoin will become regulated as hell. That's my opinion.

Then again - BRICS is not as united as many would think, imo.
Take an example from China and India - they two have completely different stances and goals about many things, let alone crypto.. Imagine what should happen for them to do the same things on the subject.. Something really urgent, really.

That's true, BRICS isn't as united as people think because from BRICS, both, China and Russia wants dominance and both of them want to use each other for their own benefits. Such a block can't succeed, the strength is in unity, not in a rivalry inside the "family". Besides Russia and China, there is India that can be a good competitor of China by offering cheap workforce to west countries. If West countries move factories from China to India, China's economy will be in a bad situation while India will win a lot. These are big countries with big aims, they can't be together. Imagine, a Lion, Tiger, Bear and Wolf in one room, they can't befriend with each other because they are dominants, they'll kill each other.
And yes, the United States Of America is that powerful.

[batang_bitcoin]

I think that if BRICS starts Bitcoin adoption, it will force the west to adopt Bitcoin and this fight will finally lead to an increased competition in Bitcoin. This should drive the price very high but Bitcoin will become regulated as hell. That's my opinion.

That's plausible, the west will have to react whatever BRICS is going to do. It's been quite a while since I have heard a news about them. Like last year, the countries like Saudi Arabia and other known countries that are strong and influential have shown their interest to join the BRICS. I'm not sure if they have already joined or it's still in the process but that's also alarming somehow that they're wanting to have their alliance with the BRICS instead of the West while they have been a long time partner of them.

[Z-tight]

Really using Bitcoin like El Salvador did, means that country makes it part of their economy not just putting money into it.

I think you do not know, so take note that adoption of BTC in El Salvador has not been a success, the citizens over there do not use BTC and most of them do not even understand it, despite it being a legal tender in the country. Yeah, the government of El Salvador buys BTC and they are also friendly to BTC, but adoption by people living in the country has not kicked off that much.

[YUriy1991]

That is realistic view of situation right now. BRICS countries have their own plans like creating BRICS Pay system and they have not shown any real interest in using Bitcoin. While it is possible that they might think about adding Bitcoin to their savings in future which could help more people start using it it is important to know difference between investing in something and really using it. Really using Bitcoin like El Salvador did, means that country makes it part of their economy not just putting money into it.

Maybe Trying for a more independent payment system like BRICSPay and of course BTC and stablecoins items will come in too.

[Oluwa-btc]

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 Truth is that,the BRICS are not after Bitcoin,their chase and fight is to completely swallow the US Dollar and eventually they'll have everything under their custody and control.Although,I feel like they're not fully stable to trap Bitcoin but perhaps,The US Dollar is their major concern and everything falls into place when they can control the US Dollar.Their interest in Bitcoin will kickstart when they're fully in charge.

[aylabadia05]

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 it will impact Bitcoin that much because they are different for people to use.
BRICS is a currency planned by several countries that are united for the sake of economy which I call global trade to compete with USD. Meanwhile, Bitcoin is an alternative currency that not all countries can use for payment legally. Bitcoin is also independent of any party except its owner.
How will it impact the price? I still adhere to the law of supply and demand in the market.