Topic: How will the BRICS currency influence Bitcoin? - page 7. (Read 1321 times)

Let's avoid any discussion about Bitcoin being attacked by Governments or institutions. Those notions are distracting and can be categorized as FUD. There won't be an attack on the dollar like there is in the real world. In my opinion, a new market for stable currency trading will emerge, and the size of that market will need to be determined with fiat exchange. It is only necessary for me to know the reasoning behind it from the top four countries and why they are only starting to consider it now.

They may used crypto for their trade deal or even a few but I doubt the amount was considerable enough to influence the BTC price so it is not going to be any effect when they start using their own CBDC or some pegged tokens for all the BRICS.

Creating a unique currency from BRICS will not impact Bitcoin that much. Because they are already using the US dollar for international trades for decades and recently they have decided to create something new on their own. It did not have much impact in the past and if they choose to use something in replacement of US dollar I don't think there will be any impact to Bitcoin. These are international affairs that have nothing to do with normal usage of Bitcoin users.

On the other hand however, if they choose to use Bitcoin as their primary trading currency, then this could have a positive impact on Bitcoin. Other than that, I don't see anything special happening here if they choose to use a different currency created by them.

BRICS is a very specific alliance that was initially created as an alternative economic union, but ... but ... then political manipulation began, which will lead to nothing good. Russia tried to manipulate by trying to sabotage the markets, China tried to solve its economic problems at the expense of the BRICS members, it was all fueled by the squeals of "let's abandon the dollar", and the result was nothing. Expected.

Plus BRICS now has a bad image due to these processes. For example, the President of Argentina, Javier Milay, officially refused to join BRICS. He understands perfectly well that there will be no future for the union when the goals of the union are declared one way, but in fact very different steps are taken, and only for the benefit of individual participants.

I think that's the whole point of this new currency. to replace and use it against EUR and USD in the Global Trade market. but I don't think it'll reduce the effects and potential inflation cause by printing a new Fiat currency.
but those people must be highly educated and experts in Economics so they probably take everything in consideration before launching a new currency.

that is a sad fact. there are always wolves in sheep's clothing in any place and any organizations like that who are ready and willing to sell their dignity for money.

BRICS is definitely pumpin' the volume, but their growth feels more like a political muscle flex than a real economic earthquake. They're snagging allies based on who's on the same page with their agenda, not on who actually shares trade routes or bank accounts.

Honestly, BRICS is basically the cool kids' club trying to dethrone the jocks (the West), but half of them are still secretly hanging out with the jocks anyway. That whole trust issue and potential double standards could blow the whole alliance apart faster than a popped balloon. Who can you really trust when they're playing both sides? And crafting a digital currency with that kind of baggage? Forget about it.

Seems like you have mistaken as there are no official news by BRICS nations about using Bitcoin nor about having their own currency to rival with dollars. Even if they create their own currency to compete against dollars it wouldn't have any impact on Bitcoin as people who use Bitcoin and BRICS currency are of different cohort hence I couldn't conclude any correlation between the rise of BRICS currency and any negative affects on Bitcoin.

I think it is a matter of time for the BRICS countries to compete with the dollar in world trade. As far as I know, the BRICS countries are working to use the BRICS currency to reduce the pressure on the dollar in the world market. The BRICS currency may have an impact on the dollar even though it is a bit late with the way the use of BRICS is currently spreading. while BRICS may affect the dollar, it may not affect Bitcoin. Because BRICS is not a digital currency like Bitcoin.

First thing first, up until now, BRICS has been denying to make any common currency for its member anytime soon.


Then, I think there will be little to no effect to Bitcoin if BRIC currency is finally issued, it will still be a long journey for BRIC currency to be used worldwide, and Bitcoin is already getting so far becoming global currency (as alternative to USD).

Answer for the second question is no, I don't think BRIC will make Bitcoin their common currency, each country has its own currency and it will benefit them if any trade related to BRIC is using each currency of each country.

Nah, I don't think there will be any drop in demand for BTC due to this BRICS thing because the US is against BRICS directly or indirectly it will create hurdles that won't be passed by these BRICS countries in order to streamline the adoption of the digital coins that will generate and if there would be no streamline adoption in the first place then we don't need to care about the demand of BTC due to the BRICS digital assets.

And the second reason is, that this digital asset does not mean it would be the competitor of BTC and it will give it a hard time because if BRICS makes a digital coin or each country in BRICS creates some digital coin specific to them they will make it centralized just like CBDCs and we have seen that CBDCs are also not liked by everyone and it's adoption is not that streamlined that it has started to impact the demand of BTC.
Nah I don't think they will opt to use BTC for international trades, this looks unbelievable especially when then the market will be more volatile in 2024, one due to the ETFs and second due to the dropping of BTC from MT Gox. They might not be able to trade in local currency as well due to the incompatibility of banks like Russia tried to make a deal with India in the Indian currency INR and it did not go well that they did not get to opt to convert them in their own funds.

I don't think that there will be a reduced demand for Bitcoin. BRICS will continue to use crypto even though they already have their digital currency because, first and foremost, they can freely use Bitcoin. Nothing stops them from using it, and they are not blocked because Bitcoin is for everyone. So, some countries within the alliance might still see value in using Bitcoin as a hedge or an alternative store of value. The natural decentralization of Bitcoin and its limited supply remains appealing to countries looking for options outside traditional fiat currencies.

So far I have not heard any news that BRICS will create a digital currency, if there is, of course there will be stronger opposition from western countries as happened with El Salvador after adopting Bitcoin, if you look at the beginning of the formation of BRICS which wants to help each other developing countries and releasing links to the dollar would of course be a good step for BRICS to have their own currency because we know that so far the dollar has high liquidity, so far I have heard that BRICS will indeed try to destroy the dollar but not by creating digital currency and reportedly BRICS is trying to create a new currency based on gold and we all know that if gold is not too affected by inflation, prices are quite stable, and I think the use of a currency based gold like the BRICS discourse will be very profitable as when the world still relying on dirhams as a transaction tool.

The idea of a BRICS currency is still something I don't take seriously. How can they agree on a common CBDC for usage? Who will be in control of it, and why would others agree for that particular country to be in control? Even if somehow they manage to agree on that and launch that currency, it won't compete with cryptos like Bitcoin. It will be competing against fiat currencies for percentage of global reserves and trade volume done in it. I don't think it will compete well against the USD and EUR, considering that the primary alliance of BRICS countries would still be to their own respective fiat currencies and that BRICS is not a powerful alliance. As for Bitcoin, I think that sort of stuff will have zero impact on it.

Yup you got that right, This cycle of society hopes for different outcomes by applying the same solutions from 50 years back.
Which constitution requires a PHD in finance as a minimum to be finance minister?

A new currency most probably means more fiat paper to be poured - sooner or later.
I expect it to have the same effect as printing more USD, EUR, whatever: more overall inflation, which is visible as an increase of Bitcoin price.
Of course, it will be late, it will be slow, hence most will not feel properly this effect and will claim that there was no effect at all.

If, on the other hand, will replace other currencies like EUR did, then the effect will probably be too small to be felt.

Thank you for the clarification about BRICS it has been mentioned constantly that BRICS’ purpose is the “dedollarization” and they think that with the past year the us dollar has weakened already they are not exactly thinking about competing against Bitcoin and all this new currency is still in the talks and still no concrete project yet as of now from what i know

They serve very different purposes so even with BRICS i think bitcoin will be fine

whether or not there is a currency from brics or whatever will not affect the bitcoin market now or in the future. moreover, brics is developing a currency for cross-border trade or within their member countries, it has nothing to do with bitcoin. but things are different if brics prohibits its members from allowing bitcoin transactions in their countries, maybe this will affect the price of bitcoin.

and whether brics will use bitcoin in international trade is impossible. because they plan to have their own currency in transactions between their member to replace the usd, so it will not be possible for them to adopt another one.

Is there really BRICS currency or just Digital Yuan?  Because base on the media of the other side, they were just using Digital Yuan and no mention of BRICS currency.

But I doubt there is the existence of BRICS currency when they could already be using Diglta Yuan, BTC, or any other crypto. If cryptocurrency already can get the job done, they will not need any other currency that may disrupt their operation and this I think why China changed their stance to BTC which the CCP allowed Hong Kong to become the hub for crypto in Asia.

The planned BRICS currency, which is even in the process of being followed up, will become a tough competitor to the US Dollar in international trade competition. The emergence of the BRICS currency will affect world trade. So far, the competitor to the US Dollar that most people know is the Euro in global trade, in my opinion, as the common currency of 19 different countries. The BRICS currencies originating from these five countries will push the US Dollar even further into a corner.

I can't say for sure what influence the BRICS currency will have on Bitcoin because on the one hand I think there is a positive impact. The positive thing is that people will increasingly understand the difference in the benefits of using fiat currency compared to using Bitcoin.

Which BRICS country have you seen accepting bitcoin for international trade? The only one that I know of that wanted to do that in the past is Russia but no BRICS country is using bitcoin for international trades that is officially known as of now.

They are not using bitcoin for international trades so nothing will happen because there is no dumping of bitcoin.