BRICS and Bitcoin

[woez]

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.

I think the impact will also be very much felt by countries that join BRICS in the future. for more details it may be difficult to describe what is clear is that there is an action that certainly gives rise to a reaction. What is clear is that this is like a trade war.

[Lida93]

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.

I don't think it's anything to go by with the BRICS that because Russia decides to own some cryptocurrency then It's a BRICS thing. Remember that the BRICS is just a few number of countries who are still finding grounds on achieving their one major objective which is the debasement of the influence of the US dollar on the global economy especially on their respective economies. And not to mention that these BRICS nations has their respective currency and not that they're all using a single BRICS currency that Russia's acceptance on any crypto should be any significant right now. At least not yet.

[SilverCryptoBullet]

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.

Russia can change their national policy very fastly because there is no democracy in that nation and if Putin wants, he will achieve changes he wants nearly immediately without considerable barriers from other politicians in Russia.

Russia has development of their national CBDC.
https://cbdctracker.org/

I don't think it's anything to go by with the BRICS that because Russia decides to own some cryptocurrency then It's a BRICS thing. Remember that the BRICS is just a few number of countries who are still finding grounds on achieving their one major objective which is the debasement of the influence of the US dollar on the global economy especially on their respective economies. And not to mention that these BRICS nations has their respective currency and not that they're all using a single BRICS currency that Russia's acceptance on any crypto should be any significant right now. At least not yet.

Bitcoin is not responsible to help BRICS nations but countries that are joining BRICS or are not in this ally, can make their national decisions and spend money to accumulate bitcoin. Bitcoin is everyone and there is a global free market for buying and selling bitcoin.

Bitcoin has no restriction on any nation, whether it is a member of BRICS.

[justdimin]

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.

I don't think it's anything to go by with the BRICS that because Russia decides to own some cryptocurrency then It's a BRICS thing. Remember that the BRICS is just a few number of countries who are still finding grounds on achieving their one major objective which is the debasement of the influence of the US dollar on the global economy especially on their respective economies. And not to mention that these BRICS nations has their respective currency and not that they're all using a single BRICS currency that Russia's acceptance on any crypto should be any significant right now. At least not yet.

I mean anything good for bitcoin is good no matter how small or big it is. I am sure that we are going to see this becoming more common with every nation, and that's the good thing. Russia and USA famously do not like each other, but even those enemies end up with same logic for bitcoin, one is considering strategic reserve while other is letting people mine it and start companies about it and all that. These are all important results and we need to consider that the whole is agreeing on how great bitcoin is.

Right now, Bitcoin ETF's are reaching over a million bitcoins, so that shows that we are getting to a much brighter future for bitcoin and I am not really seeing anything dark in our future, we are going to be great. Obviously it doesn't have to be quick, but most of BRICS will be involved with bitcoin in a good manner too, because they will soon realize they could benefit from it if they accept it, instead of trying to stay away from it.

[Value.Virtue]

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.

Yes, I agree with you on the fat that both will exist both on different state and with different values and purpose just like the USDT (being as stable coin) and BTC now, one can make profit or lose in little time with BTC but not in USDT but if you have money that you may not be using for donkey years you can simply use it to purchase BTC and you will have 90%  or more chances of making high gain than buying USDT...

[aylabadia05]

<snip>

I think the impact will also be very much felt by countries that join BRICS in the future. for more details it may be difficult to describe what is clear is that there is an action that certainly gives rise to a reaction. What is clear is that this is like a trade war.

Positive or negative impacts that will be felt by the countries that are members of BRICS that you know but it is difficult for you to explain here. Try to give a signal so I can analyze it because what I understand from the op's intention is whether BRICS will have an impact on Bitcoin, then I answer it is not too big considering that BRICS is a currency planned by several countries to stop the dominance of USD in global trade. While Bitcoin is a currency system that can be used without the need for a third party with privacy and fast and uncomplicated transactions, so it makes me think that its rise and fall still depend on the laws of supply and demand.

[Fiatless]

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.

BRICS nations don't have any common currency. The idea of having a single currency has been discussed among member nations but there has been no consensus. In the last BRICS Summit, a payment platform called BRICSPay was introduced. Countries can use the platform to settle trade payments using local currencies. The only way BRICS can affect Bitcoin price is when they all decide to use it as a reserve instead of stockpiling the US dollars.

[kryptqnick]

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?

Trump advocated for Bitcoin, and he is really against BRICS. I believe that Trump's threats to BRICS regarding them choosing some other currency for international trade are likely to be effective, considering that not all BRICS members are equally anti-USA and ready to suffer for it. But choosing Bitcoin is an interesting question. Russia is open to it, China and India probably aren't. It's not impossible, but as Trump sort of set his claim to Bitcoin, they might be wary of adopting it because of not wanting to be seen as similar to him and the US policies.

[aylabadia05]

<snip>

BRICS nations don't have any common currency. The idea of having a single currency has been discussed among member nations but there has been no consensus. In the last BRICS Summit, a payment platform called BRICSPay was introduced. Countries can use the platform to settle trade payments using local currencies.

In effect on the questionable bitcoin, I think that even the impact is not too big.
I know that BRICS countries only initiated BRICSPAY and this is only a political climate between them countries that are members of BRICS and America. While Bitcoin no one regulates.

The only way BRICS can affect Bitcoin price is when they all decide to use it as a reserve instead of stockpiling the US dollars.

About this, I think this is the effect on the price of Bitcoin.

[o48o]

BRICS nations don't have any common currency. The idea of having a single currency has been discussed among member nations but there has been no consensus. In the last BRICS Summit, a payment platform called BRICSPay was introduced. Countries can use the platform to settle trade payments using local currencies. The only way BRICS can affect Bitcoin price is when they all decide to use it as a reserve instead of stockpiling the US dollars.

Working BRICS currency won't ever happen, even trump knows this, that's why he is huffing and puffing. He is trying to act tough, like it would be because of him that it won't be success, and he can seem tough.
Some people will fall for this and credit him for brics currency not happening-

Real reason why it won't happen is because it's an alliance of most corrupted countries, that can't even trust their own government, so how would they end up trusting on each other.
And before you say that CBDC wouldn't need trust, i would like to see any models where that wouldn't be the case. One reason why USD and EUR aren't in danger to crash over night is high regulation and trust in the system.
This trust doesn't exist between sanctioned countries.

[Jawhead999]

Working BRICS currency won't ever happen, even trump knows this, that's why he is huffing and puffing. He is trying to act tough, like it would be because of him that it won't be success, and he can seem tough.
Some people will fall for this and credit him for brics currency not happening-

Real reason why it won't happen is because it's an alliance of most corrupted countries, that can't even trust their own government, so how would they end up trusting on each other.
And before you say that CBDC wouldn't need trust, i would like to see any models where that wouldn't be the case. One reason why USD and EUR aren't in danger to crash over night is high regulation and trust in the system.
This trust doesn't exist between sanctioned countries.

The current biggest threat that I know Trump will impose 100% tariffs to BRICS countries if they launch their own currencies, this could be the reason why we haven't see they officially launch the currency since they need to think many thing. Launch BRICS means they accept to get away from the US and they need to accept if they would be a war against US.

They might be the most corrupted countries, but that's their power, corruption need alliance. If they can corrupt the countries by working with other people in their countries, now the difference is they need to working with foreign countries.

[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?

Well I'm not willing to predict on this game but I know there's nothing to be scared about of the BRICS so let's just focus on the present.Its actually difficult to predict the exact impact of the BRICS on Bitcoin's price and adoption.
We really don't know what the future holds for BRICS and the global economic environment, hopefully there'll be changes but it still be immersed with challenges and unperceived market scenarios.