Buy Bitcoin – BRICS gold-backed crypto to ‘crash U.S. dollars:’ Robert Kiyosaki

BRICS gold-backed crypto will severely affect the U.S. dollar, per Kiyosaki
However, BRICS member states still don’t have an official consensus on a common currency.

As a researcher with a background in global finance and economics, I find Robert Kiyosaki’s perspective on the potential impact of a BRICS gold-backed crypto on the U.S. dollar both intriguing and concerning. The idea that such a move could significantly dent the U.S. dollar’s dominance in cross-border transactions and potentially lead to hyperinflation is not far-fetched, given the recent decline of the U.S. dollar’s dominance and the rise of alternative currencies like China’s Renminbi.

As a crypto investor, I’ve noticed Robert Kiyosaki’s warning about the potential repercussions of BRICS’ gold-backed cryptocurrency on the US dollar. This currency could significantly affect the value and dominance of the greenback in global financial markets.

The BRICS countries, comprised of Brazil, Russia, India, China, and South Africa, have been devising strategies to carry out international transactions sans the U.S. dollar and Euro as part of their efforts to reduce dependence on these currencies.

Plans include incorporating digital technology and blockchain, as well as proposing a currency backed by gold.

According to Kiyosaki, should BRICS formalize gold-backed crypto, the U.S. dollar will crash,

“Should TRILLIONS of dollars worth of BRICS gold crypto prove false, the demand for real currency like the US dollar may surge, leading to severe inflation and potentially the demise of the US dollar.”

BRICS move: A threat to USD and a win for Bitcoin?

Previously, nearly all cross-border deals, including oil transactions, were conducted using U.S. dollars.

As a crypto investor, I’ve noticed an intriguing trend in the global economy. According to a recent IMF report, the US dollar’s hegemony has weakened considerably. In just a little over a decade, from holding an 80% share in 2010, its dominance has dropped to around 50% by 2023.

Contrary to the case of other BRICS currencies, which haven’t gained much ground, China’s Renminbi (RMB) has surged from nothing to half their value during this time frame. As an analyst, I have observed this significant shift in RMB’s position within the BRICS currency composition.

If the cryptocurrency backed by gold from the BRICS nations mimics the Chinese Renminbi (RMB), it could significantly weaken the US’s influence over international transactions.

The BRICS countries have the ability to sell back their US dollar reserves held in the United States. Robert Kiyosaki predicts that a large-scale sale of these reserves could lead to “rampant inflation” or “hyperinflation” in America.

In order to shield investors and expand their portfolios during this situation, Kiyosaki advised his audience to purchase Bitcoin (BTC) and metals as investments.

Consider investing in genuine gold, silver, and Bitcoin at present. This could serve as a protective measure against potential devaluation of the US Dollar.

However, an official BRICS gold-backed crypto could still be far away.

In August 2023, I observed India’s foreign secretary, Vinay Mohan Kwatra, emphasizing the preference among BRICS countries for conducting their mutual trade transactions in their own currencies instead of adopting a single common currency.

As aanalyst, I have observed that Russia expressed its support for a common currency among BRICS nations, including the use of blockchain and digital technology, in March 2024. However, it is essential to note that no definitive agreement or consensus has been communicated by all BRICS members on this matter as of now.

As a analyst, I believe that the BRICS summit, set to take place in Russia in October 2024, has the potential to bring greater transparency to certain matters.

2024-05-13 14:15

BRICS move: A threat to USD and a win for Bitcoin?

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