Bitcoin Reserve: what if the BRICS gets ahead of the USA. - page 2.

betswift

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Quote from: pooya87 on January 09, 2025, 02:14:29 AM

I believe that there is a high chance that a competition could form between various countries in the world to buy the most amount of bitcoin in the near future if US government actually starts adding bitcoin to its reserves. In which case BRICS nations would be part of that competition and add bitcoin to their "reserve basket" which already includes a lot (gold, oil, gas, lithium).

I don't think that's a good thing though. Such a competition could raise the price significantly (to da moon) but it can come with very high volatility and at some massive market manipulation by government entities that have vast amount of money and power to ruin the market...

Would they be able to get as much of it though?
The ones who would be the first - maybe, but all the others wouldn't be so reluctant, in my opinion, once Bitcoin would breach 500k-1 mil, and so on.
So it's really up to the US if such a trend would sparkle.

pooya87

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I believe that there is a high chance that a competition could form between various countries in the world to buy the most amount of bitcoin in the near future if US government actually starts adding bitcoin to its reserves. In which case BRICS nations would be part of that competition and add bitcoin to their "reserve basket" which already includes a lot (gold, oil, gas, lithium).

I don't think that's a good thing though. Such a competition could raise the price significantly (to da moon) but it can come with very high volatility and at some massive market manipulation by government entities that have vast amount of money and power to ruin the market...

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Quote from: Fiatless on January 08, 2025, 06:58:37 AM

The more nations that consider this move, the higher the price of Bitcoin go.

Have you thought of the opposite scenario? Bitcoin will benefit and increase in price when many countries propose to reserve Bitcoin but Bitcoin will also suffer and be heavily dumped if this proposal fails. There is no guarantee that this idea will come to fruition as most of those countries' central banks have already rejected the idea.

Quote from: Fiatless on January 08, 2025, 06:58:37 AM

The US already has more Bitcoin than other countries and they also have the funds to buy as much as they can. Therefore, the US is already ahead of these nations in the Bitcoin reserve race. BRICS nations have not considered using Bitcoin as a common currency or reserve. The organization came up with BRICS Pay to facilitate trade payments between member states.

The bitcoins the US holds from Silk Road are held by the US Department of Justice, it has nothing to do with the Fed and I don't think US law allows for the use of seized assets as national reserves. So if they want to build a bitcoin reserve, they need to use government money and start from zero like other countries. They are just the first country to come up with this idea, they are not ahead of any other country because they have not started implementing this idea yet.

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Quote from: tbct_mt2 on January 08, 2025, 06:02:02 AM

Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

Why do you compare BRICS with many nations and only one country, the USA?

BRICS have allies so comparison has to be BRICS allies and another ally with USA is part of it. If BRICS is uncertain with its success, I think it is too far to concern about what will happen with Bitcoin reserves for nations in BRICS.

The US allies you want to hear is NATO, right? Well it's simple to note that USA is NATO and NATO is USA because they are the one country which gives that alliance the esteemed relevance it possesses. However, I will avoid to dwell on that politics because that's not what the thread treats but bitcoin with the possibility of adoption as reserve, and so we should keep it that way.

Secondly, what's this about including the US allies to the discuss, is it US allies that are pushing for a bitcoin strategic reserve or it's just the US as a sovereign entity?
The idea behind the creation of the BRICS was to achieve a delink of those countries involved from the use of the US dollar against the stronghold/dominance it has on their countries economy and local currency. It wasn't about NATO since there are NATO countries that doesn't use the US dollar but euro (€).

moneystery

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we understand that BRICS is more of an alliance and their main goal is to weaken the dominance of the US dollar in international trade and at the same time as a forum to strengthen the economy between members. so in general their focus is only to fight the dominance of the US dollar and the western bloc, they never mentioned anything related to making bitcoin a reserve, or anything else related to cryptocurrency.

even though in one scenario that one of the BRICS members makes a plan to make bitcoin a reserve, it goes back to the decision of the country and it is not part of the BRICS plan (_{and never will be}).

Fiatless

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Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

The more nations that consider this move, the higher the price of Bitcoin go. The US already has more Bitcoin than other countries and they also have the funds to buy as much as they can. Therefore, the US is already ahead of these nations in the Bitcoin reserve race. BRICS nations have not considered using Bitcoin as a common currency or reserve. The organization came up with BRICS Pay to facilitate trade payments between member states.

FortuneFollower

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Quote from: criptoevangelista on January 08, 2025, 06:35:30 AM

For me, they have been doing this move for a long time. I heard a story from a multimillionaire bitcoiner that he was already selling part of his coins to Black Rock in 2017. In other words, the whole movement is already happening well in advance of the official announcement. For me, the US and other countries may already have some reserves of bitcoins from many years ago, but they are only now touching on this subject.

Maybe you are right, but we would never know.
Alas, only after the US would be serious in its intentions and actions, other big countries would follow suite.
If not, we would probably see more from smaller countries then.

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Quote from: Yaunfitda on January 08, 2025, 05:59:15 AM

So if BRICS decided to get ahead, then there could be a race between them and the US as for who will have stockpile of Bitcoin. But it doesn't mean though that the winner could be in control. It's interesting scenario, but in the end, it's a win-win scenario for Bitcoin holders.

If look into the names of countries in BRICS, there only two countries that are slowly becoming economic power house. The first is China, which might become an economic power house in a decade time shadowing the US and the next is India. They are the ones with big population and a bigger market. They both are the ones who hate Bitcoin and other crypto because they believe it is used mainly for money laundering. They both have already started rolling out CBDC for thier general population. If these two countries come out with a regulation then only others will follow. As of now there nothing in news or in papers about it

criptoevangelista

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For me, they have been doing this move for a long time. I heard a story from a multimillionaire bitcoiner that he was already selling part of his coins to Black Rock in 2017. In other words, the whole movement is already happening well in advance of the official announcement. For me, the US and other countries may already have some reserves of bitcoins from many years ago, but they are only now touching on this subject.

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Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

What this will mean for the US is that it will be a competition for them. Bitcoin is the revolution in financial system and the US can't afford to lose that competition. If BRICS countries adopt Bitcoin and the USA will see this as a threat, then the USA will adopt it better. The US has much more resources than BRICS countries, except China, China is a country capable of building many great things but we shouldn't underestimate that there is a Japan and South Korea on US's side. I talk about Asian countries because they are very advanced in technologies, I've been in Tokyo and I was literally shocked.

Quote from: pakhitheboss on January 08, 2025, 05:21:00 AM

These 5 countries Brazil, Russia, India, China, and South Africa (BRICS) are not going to declare Bitcoin as their reserve before the US. They are more focused on economic stability and are trying to reduce their reliance on USD. BRICS have been trying to get their reserve currencies but India is not agreeing on the terms as it supports Yuan. Moreover, these 5 countries except Russia are upcoming economic giants and they are plenty of foreign reserves and less debt than the US.

Economic stability is more important for the United States because their currency is the global currency, one mistake and the empire can fall, which will be very hard to rebuild again. BRICS countries, compared to USA, can afford riskier steps in economy. What will Brazil lose if they create a strategic Bitcoin reserves? Not much, compared with the US.

tbct_mt2

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Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

Why do you compare BRICS with many nations and only one country, the USA?

BRICS have allies so comparison has to be BRICS allies and another ally with USA is part of it. If BRICS is uncertain with its success, I think it is too far to concern about what will happen with Bitcoin reserves for nations in BRICS. They can go faster or slower than the USA and another ally but when the race kicks off, nations with bigger economic size can do it better if they change their national vision and policies, they can speed up their Bitcoin adoption and Bitcoin reserves very easily.

Yaunfitda

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Quote from: pakhitheboss on January 08, 2025, 05:21:00 AM

These 5 countries Brazil, Russia, India, China, and South Africa (BRICS) are not going to declare Bitcoin as their reserve before the US. They are more focused on economic stability and are trying to reduce their reliance on USD. BRICS have been trying to get their reserve currencies but India is not agreeing on the terms as it supports Yuan. Moreover, these 5 countries except Russia are upcoming economic giants and they are plenty of foreign reserves and less debt than the US.

Yeah, we've known that they wanted to get away from USD as they don't want heavily rely because their economy will be affected by the US itself. So in short, any shift of monetary policies by the US will affect them. Or the other hand, US or at least Trump's administration now is talking about making Bitcoin as a national reserve. And if doing so, BRICS will be trap or put in the corner again. So if BRICS decided to get ahead, then there could be a race between them and the US as for who will have stockpile of Bitcoin. But it doesn't mean though that the winner could be in control. It's interesting scenario, but in the end, it's a win-win scenario for Bitcoin holders.

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Quote from: Btcalysis on January 08, 2025, 04:57:06 AM

You do not need to talk about BRICS. Just talk about the rest of the world. There are many nations which are not part of BRICS that are considering having bitcoin reserve. United States is not the first country that started having bitcoin reserve. I expect more countries to begin having bitcoin reserve which will help in the adoption.

What're you talking about?
Well emphatically, the Brics as comprised of just few countries has deemed 1st classes global economy in exploration and that's why there has been the pin of the economy wars Op is referring Which has been within the circle of the Brics and the USA.
And a lot they have influences the bitcoin blockchain in facilitations of it adoptiona too. Why so much believe the word lyes on the US?
Unto you Op, I think Question I get to ask too What if the decline of the US economy Chairman from the proposal of the Donald Trump to adopt bitcoin for national reserve was a political game with the political promises that he'd make bitcoin an Fed economy reserve during his just to grab his votes and supports the adoption of bitcoin?
Then I think it'd be a setback hopping and anticipating on this of both geopolitical regions.
Let who's ready take the lead and based on their perspective globally influences they'd both trigger massive adoptions.

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These 5 countries Brazil, Russia, India, China, and South Africa (BRICS) are not going to declare Bitcoin as their reserve before the US. They are more focused on economic stability and are trying to reduce their reliance on USD. BRICS have been trying to get their reserve currencies but India is not agreeing on the terms as it supports Yuan. Moreover, these 5 countries except Russia are upcoming economic giants and they are plenty of foreign reserves and less debt than the US.

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Interesting scenario! Though if BRICS were to get ahead of the US I could also see a 180 happening on their current stance, with steps taken against Bitcoin to devalue BRICS' Bitcoin reserves. Then again most nations learned at this point that the fight against Bitcoin is an uphill battle so that doesn't seem all too likely.

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Quote from: Btcalysis on January 08, 2025, 04:57:06 AM

You do not need to talk about BRICS. Just talk about the rest of the world. There are many nations which are not part of BRICS that are considering having bitcoin reserve. United States is not the first country that started having bitcoin reserve. I expect more countries to begin having bitcoin reserve which will help in the adoption.

Every nation after the US would think twice about Bitcoin - after all, it's the prestige, the possibility, and the potential worth considering.
Nothing strange there, but I don't see BRICS moving faster than US. Simply to the structure of the organization.

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You do not need to talk about BRICS. Just talk about the rest of the world. There are many nations which are not part of BRICS that are considering having bitcoin reserve. United States is not the first country that started having bitcoin reserve. I expect more countries to begin having bitcoin reserve which will help in the adoption.

Lida93

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In the past weeks we have heard in the news about Donald Trump intent to make bitcoin a strategic reserve for the USA and also how the US Fed Reserve chair Jerome Powell had to make a counter statement against Trump's purported move by saying the US Fed reserve isn't allowed by law to hold bitcoin as reserve (subject to congressional ratification)

As the days locomotes more and more countries are considering taking same decision as El Salvador, and it's as though some of these countries are waiting for a major influential catalyst like the US before keying in. Hence, i was contemplating within about how should the BRICS go ahead before the US to adopt bitcoin as reserve while Trump is waiting for Congress validation.

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

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