- The BRICS alliance’s prospective expansion and appeal to poorer nations indicate a shift away from the US dollar.
- Following BRICS developments, Marcel Knobloch’s tweet raises the debate over Bitcoin’s role as an alternative currency.
The developing world has seen an unprecedented surge in interest, with 36 countries indicating their intention to join the BRICS alliance in 2024. South Africa’s Foreign Minister, Naledi Pandor, drew attention to this development.
The increased interest in BRICS—Brazil, Russia, India, China, and South Africa—showcases the coalition’s expanding potential as a forum for developing nations’ economic empowerment.
BRICS: A Guide for Dreams in the Economy
For these prospective members, BRICS represents economic development and provides an opportunity to raise their financial profile internationally. The possibility of moving away from the current reliance on the US dollar and toward the use of local currencies in international trade is a major lure for these countries.
Although there is a noticeable desire to join BRICS, it is expected that the admissions procedure would be selective, with strict standards establishing the suitability of potential members. This cautious approach implies that entrance may not be granted immediately to all countries showing interest in 2024.
The alliance has occasionally discussed the idea of a gold-backed currency, thanks in large part to China’s and Russia’s significant gold purchases. However, the associated practical difficulties have so far prevented the implementation of such a currency.
Previously, President Vladimir Putin issued a stark warning amidst BRICS’ push for Middle Eastern countries to transition from the US dollar to local currencies in oil trade, as previously reported by ETHNews.
The Proposition of Bitcoin
The cryptocurrency community is very active during these talks, especially after a tweet from renowned blockchain researcher Marcel Knobloch. In his piece, Knobloch makes a link between the rhetoric surrounding the BRICS countries now and the potential role that Bitcoin may play in challenging established financial power.
🌍📈 36 countries queue up to join BRICS in a major economic shift! As they seek alternatives to the US dollar, #Bitcoin emerges as a potential game-changer. Will this bold move mark a new era in global trade and currency dynamics? #BRICS2024 #BitcoinRevolution #EconomicTideTurns… pic.twitter.com/qfn0x3M8u9
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) March 22, 2024
Frequently referred to as “digital gold,” Bitcoin’s intrinsic qualities, like its restricted supply and increasing usage, make it an attractive option for maintaining and maybe increasing value in the digital era.