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- The US Dollar dominance is under threat as the BRICS discuss the creation of an independent payment system and de-dollarization.
- According to the Rich Dad Poor Dad author, Robert Kiyosaki, it is safer to buy Bitcoin, gold or silver to escape from the potential hyperinflation that could arise from the de-dollarization.
BRICS’ long-term decision to implement a geopolitical game-changer through the launch of a decentralized financial system to end the dominance of the US Dollar catches the attention of the Rich Dad Poor Dad author, Robert Kiyosaki. Commenting on the impact, Kiyosaki disclosed that relying on formalized gold-backed crypto for cross-border transactions rather than the US Dollar and Euros would jeopardize the economy through hyperinflation.
If BRICS gold crypto happens trillions in fake money, fiat US dollars will come rushing back to home to America causing hyperinflation in America, ultimately destroying the US dollar.
According to reports, the US dollar enjoyed almost 100% dominance in cross-border transactions in the past. At one point, it became the predominant standard currency unit for oil purchases. However, the dominance has declined, dropping from 80% in 2010 to 50% in 2023 according to the International Monetary Fund (IMF) report. Within the same period, China’s Renminbi (RMB) has moved from zero to 50%. Experts argue that the US Dollar’s dominance on cross-border payments could further decline when the BRICS gold-backed crypto follows a similar trajectory.
To stand a better chance against this potential “hyperinflation in America,” Kiyosaki advises that his followers buy real gold, silver and Bitcoin.
Best buy real gold, silver, and Bitcoin now, and protect yourself from the crash of the US dollar.
IMF Warns About Dollar Collapse Triggered by BRICS De-dollarization Strategies
This development was confirmed by the Deputy Managing Director of IMF Gita Gopinath who stated in a paper titled: “Impact of Geopolitics on International Trade and the Dollar” that BRICS is creating a shift in global economic crisis. According to her statement reviewed by Crypto News Flash, BRICS nations are now conducting business based on their geopolitical alliances with other countries.
Countries (BRICS) are reassessing their trading partners based on their economic and security concerns. Foreign investment flows are also being redirected according to geopolitical alliances. Some countries are reevaluating their heavy dependence on the dollar in their international transactions and reserves.
Regardless of the risk, IMF’s Gopinath believes that the US Dollar is still the de facto currency for global trade and commerce. Per assessment, the US Dollar could face another decline in dominance when the BRICS capture the oil sector and settle trade in local currencies. Interestingly, the majority of the new countries that joined the alliance this year are oil-producing and exporting nations with Saudi Arabia expected to make a decision soon.
Despite this possibility of a common currency among BRICS members, some individuals such as India’s foreign secretary, Vinay Mohan Kwatra, discloses that the alliance is bent on using respective currencies to trade. Either way, Russia’s Kremlin aide Yury Ushakov believes that BRICS would work to create an independent payment system.
We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.
