Topic: Will the world soon become tired of the US dollar? - page 7. (Read 1080 times)

You think BRICS currency isn't a stable coin or completely backed by gold, oil etc that suggested by Putin? what's the difference with USD which was backed by gold reserve and then they choose to end it, now USD is backed by nothing, BRICS has a same possibility like USD.

Nah, don't put a big hope cryptocurrency will replace USD, they're currently want to control Bitcoin by accepting ETFs, if they can control Bitcoin, they don't have to worry about the decentralized coin that could harm them.

The problem is this....

Countries can switch to another "currency" .... but how much demand is there globally for that currency?

We are already seeing how this backfired with coutries accepting the Indian Rupee. A country like China might accept the Indian Rupee, but other coutries will still only accept the US Dollar... then China are stuck with Billions of Rupee that they cannot use for anything else.

Yes, as soon as more coutries start to join BRICS ...dedollarisation might happen... but it's going to take time.

They'll get tired of it as soon as the empire of US government falls, that's the only way that it can make the world lose interest in the US dollar, the global market is so tied with the US as it's global currency that it's difficult to say that the world will ever get tired. I don't think that people will get tired of it that easy, maybe a flash crash on the USD and we will see something different and I'm proven wrong that we will quickly get tired and replace US dollar but seeing the influence of USA to other countries, I think that it's going to be difficult to happen.

The currencies of these countries are affected by dollar in one way or another, and theهق dependence may different. even if the BRICS coalition tries to change this equation, it will find it difficult due to the difference in markets. The Kingdom of Saudi Arabia and the United Arab Emirates have their currencies linked to a fixed value of dollar, Argentina has hyperinflation, and Iran is being economically besieged. China has exposure to US bonds. India is closer to an alliance with the United States due to exporting products to Europe. All of these countries need the dollar, but their alliance is a way to reduce exposure to the dollar, and perhaps after decades the use of the dollar in international trade and the sale of oil will cost less than 50%.

The forum would grow tired of topics like this much sooner than the world would grow tired of the US dollar. Perhaps people would grow tired of fiat currency first before they would grow tired of the US dollar.

For all we know, joining the BRICS doesn't necessarily mean leaving the US dollar. And China, BRICS largest economy, is the top trading partner of the US.

Also, this is more of geopolitical posturing, and except those countries that have lifetime rulers, the rest could change their stance as soon as leadership shifts or changes.

I dont think countries will dump USD at this moment as there is a long way to go because everything is connected to dollars be it international trade or investment. First BRICS has to create a common currency and use it for trade and eventually spread it to other South Asian nations and Balkan nations which will take ages and by that time there might be some disagreement because already there are conflicts within BRICS nations like India and Chine or Iran and Saudi as they are already at loggerheads hence I don't think BRICS will pose any danger to dollars.

The world can not change quickly because it relates to many big things like economic, politic and geopolitical interest.

Comparing GDPs of BRICs and G7 countries
G7 and BRICs have their main pillars are the USA. and China. Those two countries contribute most for GDP of G7 countries and BRICS countries. They are leaders of two competitive groups.

There are like a dozen of threads like this already in this section and also in the Politics and Society section of the forum, anyways, keeping that aside.
I still personally believe that the allegations about the countries of the world continuously growing tired of the USA dollar are exaggerated. The Dollar is still pretty much accepted in all the countries around the planet and it has even gained traction in countries affected by inflation, like Venezuela and Argentina. Here in my country the USD is in free circulation in the form of cash and even banks now allow common citizens to open accounts to hold this FIAT.

I believe BRICS is still very far away from issuing their own currency and try to replace the United States Dollar with their own FIAT, the alliance of the BRICS is too heterogeneous and their economies are very different from one another. If they were to start printing their multinational FIAT as so many people in this forum predict, then that printing will be centralized in China or Russia and China would likely still use artificial inflation to keep the competivity of it's market.
Those other countries who joined are very unlikely to be okey with other country being in charge of controlling the circulation of FIAT, the rates of interest and other macroeconomics.
Until they do not make an official announcement I will still be kind of skeptical.

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations