BRICS Nations Unite To End US Dollar Dominance With Radical New Global Currency! 

BRICS Nations Unite To End US Dollar Dominance With Radical New Global Currency!

Is de-dollarization a done deal? That is the question that leaps to mind as we take on board the news that BRICS (Brazil, Russia, India, China, and South Africa) are ramping up their efforts to challenge US Dollar dominance in the global financial market with the creation of its own currency.  

The proposed BRICS currency could pose a significant threat to the US dollar, given the group’s geographic diversity and size, potentially attracting other countries to adopt the new currency. This news seems particularly poignant given former Secretary of State Hillary Clinton’s castigation of Republicans and fears they could trigger a global financial crisis if they do not agree to sign a bill to raise the debt ceiling by $1.5 trillion. Republicans only agreed to sign if President Biden made deep cuts to publicly funded services. 

What this latest development highlight is how vulnerable traditional fiat currencies and financial systems are becoming. With cryptos waiting in the wings, the demise of fiat could be growing ever nearer. For investors, cryptos could become the new FOREX

Staying with the fiat theme, a third bank has collapsed in the wake of Silicon Valley and Signature Bank) with JP Morgan stepping in to buy the bulk of its deposits and assets. A take-over has been on the cards since customers withdrew $100bn in deposits in March. That caused a 75% slump in First Republic shares last week. This episode is another significant indicator that there are big changes occurring in the financial world. We could well see a time when loans become even harder to acquire for the everyday person, which would have huge ramifications for societies everywhere and how people live their lives. This could be significant for property investors when it comes to securing investment loans. 

Crytpo may be waiting in the wings, chomping at the bit, but it is still undergoing major blips of its own. For instance, Poloniex, a leading cryptocurrency exchange, was forced to settle its case with the US Treasury Department’s Office of Foreign Assets Control (OFAC), agreeing to pay a hefty $7.59 million for over 66,000 violations of multiple sanctions programs. 

The settlement underscores the need for cryptocurrency exchanges to diligently comply with international sanctions and adhere to regulatory requirements. This will help foster a more secure and transparent digital asset ecosystem, which in turn will boost confidence for crypto investors and traders

Dennis Sahlström
Dennis Sahlström
Dennis Sahlström is the Head of Trading and Training at Investment Mastery. He has traded and invested since 2016 and has made an average of 4.53% per month since then. With cryptos, he turned £4,000 into £100,000 in less than 2 years and he is just getting started! As Marcus de Maria, the founder of Investment Mastery, helped Dennis to get started - he is now paying forward and is passionate in helping as many people as possible to trade and invest & has now helped 1000s of people on their journey to financial freedom. He is also a writer for the biggest Swedish news outlet for cryptos. He currently lives with his girlfriend in Sweden, in order to also teach trading and investing all over Scandinavia.

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