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HomeNewsBitcoin's Ascent: 41 Billion-Dollar Nations Abandon USD, Set Their Sights on BTC...

Bitcoin’s Ascent: 41 Billion-Dollar Nations Abandon USD, Set Their Sights on BTC as the Future Global Reserve Currency

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    • Countries worldwide are pursuing an agenda to divorce from the US dollar.
    • China, Russia, and 41 other countries are seeking alternative settlement systems to reduce reliance on the USD.

The Irrevocable Push to Divorce from the US Dollar

A global movement to sever ties with the US dollar is now underway and deemed irreversible, according to investment guru Matthew Piepenburg. In an interview at the Deutsche Goldmesse conference with the Soar Financially YouTube channel, Piepenburg, a partner at Matterhorn Asset Management focusing on emerging markets, highlighted that economic powerhouses are actively attempting to break away from the dominance of the dollar.

The Decision to Break Ranks

Piepenburg argues that the actions of the US Federal Reserve, particularly the decision to raise interest rates, have compelled countries such as China and Russia to explore alternative settlement systems that do not rely on the USD. While China and Russia, both members of the BRICS coalition, are at the forefront of this movement, Piepenburg asserts that 41 other nations are following suit. The ongoing conflict between the US and Russia over Ukraine may have amplified concerns among these nations regarding the treatment of Russia by the US.

The Weaponization of the Dollar

The increasing value of the dollar, resulting from the rate hikes implemented by Federal Reserve Chair Jerome Powell, has become burdensome and painful for the rest of the world, prompting some nations to break ranks. Piepenburg specifically highlights Asia, China, and Russia as key players in this shift. These countries are actively engaging with 41 other nations to establish trade settlements outside the US dollar.

The weaponization of the dollar, including the threat to the petrodollar market and the demand for a strong dollar, has intensified the desire to seek alternatives. The exclusion of Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system and the freezing of its foreign exchange reserves have raised alarm bells among other nations, prompting them to explore strategies to circumvent and detach from the US dollar.

The BRICS Initiative

BRICS, an alliance of economically aligned nations consisting of Brazil, Russia, India, China, and South Africa, is currently discussing the possibility of launching a global currency that does not rely on the US dollar. Numerous nations, including Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, and two unnamed nations from East Africa and one from West Africa, have expressed interest in joining this initiative.

A Clear Trend of Dollar Sidestepping

Although Piepenburg does not foresee the yuan or any other currency immediately replacing the US dollar as the world’s reserve currency, he acknowledges a clear trend of countries worldwide seeking to bypass the dollar as the primary trusted medium of trade. The movement to divorce from the dollar as a reliable trade currency and payment system is now deemed irreversible.

In conclusion, countries around the world are actively pursuing strategies to divorce from the US dollar, seeking alternative settlement systems and exploring the possibility of launching a global currency outside the realm of the dollar’s influence. While the complete replacement of the dollar as the world’s reserve currency may not be imminent, the trend of sidestepping the dollar in trade and payment systems is gaining momentum and considered irreversible.

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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: info@ethnews.com Phone: +49 160 92211628
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