HomeNewsBank of America Rejects BRICS, Yuan, and Crypto as Bitcoin Remains Unchallenged...

Bank of America Rejects BRICS, Yuan, and Crypto as Bitcoin Remains Unchallenged as the World’s Future Currency

- Advertisement -
    • Central banks are finding ways to transact with each other without the use of the US dollar.
    • Leading economies are diversifying their foreign exchange reserves by relying less heavily on the dollar and allocating more to gold.

Shiba Inu (SHIB) Big Announcement Imminent, Here’s What It Might Be

Shiba Inu (SHIB) fans are eagerly waiting for the announcement of the Shiba Inu ecosystem, which may be related to the launch of the Shiba Inu cold wallet. The cold wallet is a type of cryptocurrency wallet that safely saves a user’s private keys offline, typically on a physical device, guarding against potential hacking and theft. LucieSHIB, a Shiba Inu-focused Twitter account, hinted that an announcement on the Shiba Inu cold wallet will be provided in the next few days.

According to LucieSHIB, Shiba Inu development team is considering working with two well-known figures in the industry, presumably Huobi and Certik, regarding the wallet’s launch. BitPay, a crypto payment processor, announced its support for Shiba Inu in late 2021, and since then, its adoption of crypto payments has grown tremendously. Hundreds of companies are now accepting Shiba Inu direct payments, including Gucci, which is one of the biggest luxury brands ever to accept cryptocurrency.

Global Move to End Reliance on US Dollar Underway, With Nations Buying Gold in a ‘Very Big Way’: Ex-Morgan Stanley Head

Former Morgan Stanley executive and investment veteran Ruchir Sharma said that central banks around the world are looking for ways to transact with each other without using the US dollar. Sharma, chairman of Rockefeller International, says that leading economies are diversifying their foreign exchange reserves by relying less heavily on the dollar and instead allocating to gold at a rapid rate. Central banks from Brazil, India, China, and Turkey are buying gold in a very big way, and instead of holding their foreign exchange reserves in the US dollar, they’re holding it increasingly in gold.

Sharma says that the US may have overplayed its hand when it launched sanctions against Russia during its conflict with Ukraine, inadvertently sending a message to other countries that they could also face consequences for being on the wrong side of a conflict.

Bank of America Report Dismisses BRICS, Yuan, and Crypto as Viable Alternatives to Bitcoin as the New World Currency

Bank of America analysts argue that the US dollar has no alternative, and there is no risk of losing its global dominance. The bank suggests that the debate over whether the US dollar has lost its global dominance has been a hot topic recently. However, the US dollar remains the global reserve currency, and no other currency or cryptocurrency can currently compete with it.

The analysts claim that there is currently no alternative currency that can replace the US dollar in its dominant position in the global financial system. Even the much-discussed BRICS currency, Chinese yuan, or cryptocurrencies will not be able to surpass the US dollar’s dominance in the short term. Many economies, including BRICS countries, have recently started to implement a dollarization-free policy.

Countries such as France and Argentina, along with many other important economies, have been discussing the use of the Chinese yuan in trade.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: [email protected] Phone: +49 160 92211628