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In this video, I discuss the BRICS+ countries’ proposals for a new currency to rival the US dollar, and how the emergence of a global Bitcoin standard fits into the picture.
A new BRICS currency that is backed by a basket of these countries’ fiat currencies would probably continue to depreciate sharply against the USD, just as the individual currencies have done over the past 15 years.
A new BRICS currency that is backed by gold or a basket of commodities would run into similar problems as the gold standard:
Who gets to hold the commodities that back the currency?
Who gets to audit the supply?
Why should we trust the auditor?
BRICS-Coin would be an odd rag tag alliance between a bunch of countries that don’t really like each other or have much in common apart from a common hatred of the weaponization of the US dollar.
For these reasons, I expect the US dollar to maintain its preeminence, but to slowly transition to a global Bitcoin standard, as the USD continues to lose purchasing power against BTC– and as countries discover that Bitcoin is the perfect reserve asset for settling trade surpluses and facilitating global trade.
Not investment advice! Consult a financial advisor.
China and Brazil reach RMB-based trade deal:
India’s oil deals with Russia dent decades-old dollar dominance:
https://www.reuters.com/markets/currencies/indias-oil-deals-with-russia-dent-decades-old-dollar-dominance-2023-03-08/
BRICS as reserve currency:
https://think.ing.com/opinions/brics-the-new-name-in-reserve-currencies
BRICS Nations Developing “New Currency” As Quest For Global De-Dollarization Accelerates:
https://www.zerohedge.com/geopolitical/brics-nations-developing-new-currency-quest-global-de-dollarization-accelerates
Should Bitcoin Be Backed By Something?
BRIC nations propose cryptocurrency for payment settlement system:
https://decrypt.co/11562/bric-nations-propose-cryptocurrency-for-payment-settlement-system
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#brics
#usd
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30 Comments
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The US loses control of he trade of oil, But still has many profitable industries like aerospace and military production, Technology and media, And other mainstay staples like food and its own domestic energy production. I think a lot of the hype around the Trump era anti China sentiment was really to "trigger" people into patriotism, Because a complete fraud like Donald Trump could never inspire a mass of people to the truth through honesty. I really see the decline of the American empire following a similar path of the United Kingdom, A 50 year unwinding where focus becomes more and more concentrated domestically on making America live up to what it promises. Even Portugal still has a beautiful culture and was previously a global empire. If America was a physical man, It would be a 65 year old facing retirement, That needed to find new hobbies to spend its time on instead of dominating the world for the control of the price of oil. I think the BRICS currencies will become successful in their own right, Just because an alternative system is needed to keep old grandpa America having fun instead of bossing around poorer countries to exploit their resources. I think an outright war with America is not what China wants, But instead is what America is trying to goad China into, Kind of like a drunk grandpa at a bar picking a fight with a group of middle aged men. China knows it will win the fight politically, And has some sense of sympathy fr the old man America just because they see all the hard work the old man America went through to get there. I think in the end things will be just fine, But the reality of protected people is that they are taught to be afraid. When you actually face your fears you see through the protectionist rhetoric. American people are just afraid.
Wouldn't it better to have a currency backed/exchangeable for a commodity like gold – even though the gold can be stolen – instead of an unbacked currency?
Ohh we’re no longer trader university. Bitcoin university lmao even better
Glad to have you back, Matt… you’ve been missed.
Honestly, I like to deposit my BTC and ETH on PapayaHub platform. I'm getting 25-30% per month thanks to the fast-growing webcam market.
I've been wondering what you mean with shipcoin, can you elaborate?
What we are forced to use today is NOT a US dollar. It's debt. It's war.
A true US dollar would be backed by gold, as it once was…
Great commentary, thank you.
The gold standard didn't fail 🤣😂🤣
The deep state infiltrated government and destroyed it…
Our biggest threat comes from within…
Great video Matthew as always, but the one thing I don't understand is how do you suppose that a country would voluntarily adopt Bitcoin as their currency, there's no incentive for any politicians or Central Bankers to do so, so how do you think this would happen?
Bitcoin is completely trustless and it has no counterparty risk. It is a P2P system. Backed by math and energy. No 3rd parties are required. No banks, no countries, no governments, no corporations. No one can cheat the system. No one can alter the system. It is an open, global, digital, monetary network, with an immutable ledger. It is instantly verifiable. It is pure property, unencumbered by anyone or anything. No restrictions. This is the apex asset.
Bitcoin will destroy them
Wow what a video! RawJerry. Go dude!
All of this is too complicated. I’ll just be a dirt farmer peasant 😭😩
Thanks Matthew
US will invade Mexico before they let them join Brics or anybody else for that matters.
Any fiat currency "backed by gold" is worthless unless it can be readily converted into gold.
the video i was waiting for
BRICS should create the “BRICScoin” and really confuse everyone.
the quality of BU is outstanding keep it coming Matt
Whatever problems there are, they ll use less dollar in trade.
Viva La Bitcoin Professor! Viva… la…. Bitcoin!
Thanks Matthew!
I don’t understand the concept of “backed by a basket of commodities” when money was backed by gold, you could literally convert your money by its equivalent in gold. How do you convert your money by a basket of commodities?? Do you get to pick which commodity? And where do you go to convert it? Are they gonna start having barrels of oil at the mint? Why is no one asking theses questions??
Excellent breakdown 🔥🚀
I don't think you understand. It doesn't matter if the dollar is strong or not. No country wants it because it is a grenade
I have a question, China has a trade surplus because they manipulate there currency, why would they want to give this up?