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- BRICS alliance may find a new base in Africa amid expansion move.
- Chances of Bitcoin integration remain high as the US looks to push into strategic Bitcoin reserve.
As 2024 draws to a close, discussions are ongoing about new members joining the BRICS alliance next year. The alliance’s potential expansion plan has left room for speculations about the integration of crypto by member nations.
The BRICS Global Expansion
The bloc, an intergovernmental organization initially comprising Brazil, Russia, India, China, and South Africa, has spread its influence worldwide. The alliance now has nine full members and several partner nations. Notably, Africa is among the leading continents on which the BRICS has cast its shadows.
Former Ethiopian speaker of the house Agegnehu Teshager revealed this past Summer that all African countries are interested in joining the BRICS. However, it is almost impossible for the BRICS to induct all 54 African countries into the bloc. Nevertheless, creating a new BRICS partnership group opens the way for more involvement of these countries in the bloc’s activities.
For instance, China has reportedly co-signed Zimbabwe as a new African country to join the group. Many developing countries find the alliance appealing due to its de-dollarization efforts, which have the potential to improve their economies and currencies.
African nations have joined many Asian, South American, and Eastern European countries in expressing their interest in joining the BRICS alliance. Ethiopia and Egypt are the latest African countries to join this year, while Kenya’s President William Ruto has reportedly indicated an interest in this, too.
Experts argue that the bloc’s increasing attractiveness to African countries is based on its guided principles of inclusiveness, sovereign equality, strategic cooperation, and multilateralism.
Aly Khan Satchu, a prominent investment banker from Kenya, hailed the BRICS as “a lodestar” for African countries. By joining the BRICS, increasing their bilateral trade, and increasing settlement in local currencies, the BRICS is a win for African countries,” Satchu stated.
Given the increasing interest on both sides, if the BRICS continues its expansion in 2025, it may find a new member base in Africa.
What’s Next for Crypto Adoption?
As CNF reported, Russian President Vladimir Putin recently proposed creating a new investment platform for the BRICS countries. Putin claims the goal is to establish an electronic payment infrastructure that allows investment in developing countries in South Asia, Africa, and Latin.
Putin’s proposal aligns with the BRICS vision of reducing reliance on the US dollar for economic trade. Meanwhile, speculations about cryptocurrencies serving as an alternative to the US dollar are already gaining traction.
Economist Jeremy Siegel stated in a CNF report that countries may ultimately abandon the US dollar for Bitcoin (BTC). Siegel pointed out Donald Trump’s endorsement of Bitcoin as an important catalyst to supercharge the movement.
He added that Bitcoin could more effectively challenge the US dollar’s hegemony than gold or the currencies of the BRICS countries.
