Topic: How will the BRICS currency influence Bitcoin? - page 5. (Read 1303 times)

In my opinion, it is not a decline, in fact Bitcoin will experience a quite significant increase. Because if BRICS creates its own currency it will certainly have an impact on Bitcoin, with the development of BRICS its currency, Bitcoin has the potential to experience great growth in the future. As we know, although Bitcoin does not have a direct relationship with the BRICS currencies or the US dollar, Bitcoin is clearly influenced by both, this can be seen when the dollar weakens, Bitcoin rises. So, bitcoin will continue to grow as BRICS weakens the dollar. Apart from that, Bitcoin also benefited from the decline in the value of the US dollar due to the presence of BRICS which caused the price of bitcoin to increase.

And even one upping that, we could say that we are talking about something that is regarding crypto, not dollar. Lets assume that dollar gets devalued, lets assume that in a dreamy world for BRICS nations, dollar is no longer the most powerful one, nor Euro is, lets assume that Brics is the most used currency. Does that really change anything for bitcoin?

It would worth more dollars, but the purchasing power would be similar. Imagine that part, and you will see that BIRCS currency will not change much for bitcoin, it would not really make you be able to buy more with bitcoin, it would keep the purchasing power similar, give or take. There is always a need to buy more bitcoin for bitcoin price to go up, that's the only way.

Bitcoin is doing very well alongside the Existing powerful currencies like the US dollar, so if the BRICS nations were to create there own currency and perhaps reduce the use of Bitcoin, I don't think that it'll have any major impact on Bitcoin. Maybe for a short term but eventually Bitcoin will recover and pick up again, because it's only on the national levels that Bitcoin usage will be affected, but millions of their citizens can still go ahead in holding Bitcoin.

Remember that more people are being more aware of the potentials of Bitcoin as a decentralized digital currency that gives them privacy in transactions and a valuable investment asset, so if a few drops Bitcoin and more adopts it, then it's a win for it.

BRICS is a rather feeble attempt by countries to overturn the US petrodollar... not gonna happen. Its pointless really because to trade with any non BRICS country they have to resort back to the US dollar. And even if they use a gold backed currency US owns the largest gold reserves in the world.

What is your source for this? I haven't heard anything that is noteworthy. Plus wasn't Bitcoin banned like 10 times in China. And I'm pretty sure Saudi Arabia has a ban on it too. So in short no it won't influence Bitcoin.

In comparison these countries have nowhere near what the US has. https://www.gold.org/goldhub/data/gold-reserves-by-country

did you know new assets are free from regulation.. like pokemon cards
like alcohol pre 1920

but for a government to be able to (control)licence and permit it, they first need to ban it, and then list exclusion reasons why someone can be permitted..

did you know america also banned bitcoin.
US done it overnight and unnoticed (see: bitlicence)

other countries done it covertly over a bit more time.
while china just big announced the ban.. and are taking time to write out the regulations to permit it.. but slowly you see them doing it. just not yet

as for those thinking that china cant survive without the US

did you know that india has more population than the US, UK, Europe put together
so china just needs to do more trade deals with india to offset losses from US, UK, Europe
add in south america. means china can gain customers
add in africa means china can gain customers

thus no need to cater to US,UK, EU to survive

I think that BRICs is heading towards fiat failure and quite quickly. Especially Russia. The people will see Bitcoin as a safe storage of value and attempt to invest while they can, however they can. Even if the country decides to "make Bitcoin illegal". As China and India have tried to do and failed on many occasions. Brasil is looking at their El Salvador and Mexico neighbors, who are making exciting strides towards Bitcoin (El Salvador has recognized Bitcoin as legal tender and Mexico has been showing signs of doing the same in the near future).

We will definitely see some exciting news about Bitcoin from BRICs in the upcoming months/years. Of that I am certain.

the gold standard was mainly used as the base conversion for INTERNATIONAL trade from 1870
it slipped in and out a few times (early 1920's, 1932-1944) and finally permanently depegged/terminated in the 1970's

the reason was, USA becoming the dominant super power of international conversion but wanted to inflate its position to insure super power status continuation and couldnt do that while pegged to gold.. so they invented a new peg SDR (aka petrodollar)

and its this petrodollar that brics are fighting to get away from. not USA's gold.. in short its not a gold fight

brics are not moving back to a gold backed system. they are inventing their own CBDC per country of brics.. where they can issue new currency each and inflate/deflate all they want from their central banks.. and then convert by a master bridge network, not involving gold nor petro dollar as a medium. but straight barter/forex

in very short we will see the amero group using IMF tools as their international bridge.. and the brics group using BIS tools as their international bridge

BRICS has a very good long-term perspective because it is seen from the population of the members of the BRICS countries themselves, especially in the future the market could get bigger, both in the fields of agriculture, oil and gas mining, industrial technology, etc. It also seems that BRICS will not take long to expand and will eventually weaken the dollar. Whether we admit it or not, if we look at the countries that joined the Brics, they all oppose the US, of course the aim of creating the Brics is to weaken the dollar which has been monopolizing too much of the world with its dollar.

As for the impact on bitcoin, I don't think it will have any effect because bitcoin and Brics have different goals. After all, Bitcoin is a currency that has unlimited freedom and no one can control it. So there is no need to worry too much about BRICS, BRICS' presence is only to fight the dollar.

NO, because even if BRICS countries create and print their own currency, it doesn't signify that the U.S. Dollar will merely disappear. The Dollar WILL continue to exist and remain to have demand in international trade. But if a BRICS currency does cause the price of Bitcoin to go down, it will give traders arbitrage opportunities bringing the price back up.

Plus the presumption that a BRICS currency would be an automatic success upon issuance is laughable.


There's also some theories that Fort Knox doesn't hold any, or enough Gold, that's why the U.S. abandoned the Gold Standard because they couldn't pay the Gold owed to Dollar holders.

I agree, this data you mentioned about is not really checkable. Third parties don't have access to prove it, that is why the image created by those countries remains acceptable and active. Even if the others suspect lies and plunder, they are not able to prove it with the common geopolitical means. Hence, they are forced to play this hypocritical game, because there is little chance that those images together with threats and accusations might be true.

I'm not denying it
But let me clarify - my question about withholding information was related to a slightly different topic. It referred to the phrase "like Gold, considering China and Russia have a TON of gold in comparison to other nations". Do you understand the difference ? The emphasis was on the fact that China and Russia allegedly have the largest gold reserves. Not Britain, not the US, but China and Russia
I will add moreover - whether it is China, Russia, Britain, USA, Japan, Indonesia, Paraguay, Burma, I am doubtful about such an indicator as gold reserves in the state reserves. There are a lot of historical facts that speak about regular falsification of these indicators ! Therefore, for me it is not important who says about their gold reserves, for a simple reason - they are actually not realistically verifiable.

the UK also did not disclose PROOF of how much gold was hoarded in the bank of england
the US also did not disclose PROOF of how much gold was hoarded in fort knox

Any totalitarian countries, have a mandatory second and third component: corruption and lies. And this is a systemic process. Yes, in China they say that even thousands of corrupt officials are punished, but ... here again as about Chinese gold - no one knows who really went to jail, and whether he really committed the crime of which he is accused !?!?
The second, and I would say the most powerful example is Russia, where there is total plunder and total lies, both at the domestic level and at the level of geopolitics. They lie to others, lie to themselves, steal from others and from themselves. The only problem is that the West is playing loyalty and liberality again, and allows thieves and corruptors from totalitarian countries to enjoy all the benefits of Western culture and markets for funds obtained illegally....

Returning to gold - I do not exclude that Russia through the friends of the international criminal Putin, has long ago exported the main reserves of gold to the EU or the U.S., because they do not plan to live in Russia, and are trying hard to steal in Russia to go to the West.

I do not think that there would be too much of a connection between the two. I mean it would impact the fiat world a lot there is no doubt about that and BRIC currency would definitely consider the dollar depowerment a lot in the future, that is greatly obvious and it is made just for that purpose anyway, this is why we need to consider that as a change in the fiat world.

However, when it comes to crypto world, I do not think that there is anything that we need to worry about, it feels like there is really nothing that would change in the crypto world. Why would Bitcoin be impacted by anything BRICS related? Them having a single currency doesn't seem to have any type of long term impact on crypto itself and should be staying the same.

They are not only hiding, they try to do the best they can to create another image. They offer the fake image of their state of things to seem more intimidating than they really are. I won't say that everything is fake, but a lot truly is. For example, I have come across an article today, which shows that China missiles filled with water, not fuel because of corruption in the army. There are a lot of similar stories about Russia as well, not only in terms of an army, but economy and politics as well. That is why I won't consider their intention to overcome US dollar with their BRICS currency as something powerful and potential.

Let's assume your assumptions are correct. Then I can also say that China and Russia are hiding their real gold and foreign exchange reserves - this is being done in order not to show how much weaker they really are than the United States Or are we not considering this option? I know one thing - if someone is hiding something, it means that it is important for him that TRUE INFORMATION does not become publicly available. Well, again - if we take your assumption as logical, then it turns out that China and Russia are hiding their reserves so as not to show that the USA is WEAKER? ! But at the same time, the state propaganda of China and Russia is trying its best to prove this, which means that it is enough to show real gold reserves and simply show the “helplessness” of the United States, and without fabulous propaganda. Those. your assumption turns out to be contrary to reality, given that China and Russia have been opposing themselves to the West and, first of all, the United States over the past years, or even decades.

Regarding lies and Russia, everything is simple here. Lies are the basis of Russia's "greatness". And as the last 2 years have shown, Roshisi’s “fairy tales” about her greatness, power, army are... FAKE! And about the stable economy, the West’s dependence on Russia, about the strongest Russian army in the world, about Russia’s unparalleled weapons and technologies - you probably yourself know how many years we’ve all been told. But, I repeat once again, it all turned out to be fake. This means that Russia has been LIEING all these years. I lied to myself, to the world, to my citizens

He has already done a lot of things that has inflicted significant damage to economy of Argentine hence the 161% inflation rate. I don't really follow that news closely but off the top of my head the $3.2 billion that his government "printed" is one of the horribly crazy things he did.

Most people are dealing with bitcoin thru USD and they just sell the USD to local currency because of how strong USD is against their currency and that's something that BRICS need to top which they're going to have a hard time because they're just starting now and the global market is dominated by the dollar which means that BRICS doesn't have that much influence to the movement of bitcoin because USD is still the globally traded currency and to be able to influence even a bit of what USD can do, they have to go to great lengths like banning USD in their international trades which is unlikely to happen if you ask me.

Brics doesn't bother the btc and not the USD it's just the brics countries own currency to trade better together.
First was bric the origin of name brics...later they told south africa come and join then it sounds better.

He has not done anything, he has said a lot of cracy things, just as many others before him.