Is Bitcoin the Next Global Currency? BRICS Economies Drop USD in Favor of New System – BTC Price of $1M in Sight? Report

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• • BRICS-issued currency “the bric” has the potential to challenge the US dollar’s dominance in international trade.
  • Former White House economic advisor Joseph Sullivan believes that the bric could be the beginning of the end of the dollar’s reign.

In a recent article on Foreign Policy, Sullivan suggests that the issuance of the bric would enable BRICS nations – Brazil, Russia, China, India, and South Africa – to trade goods and services using the new currency. He argues that BRICS is composed of economic heavyweights in their respective regions, and the bric could usurp the “dollar’s place on the throne.” Sullivan points out that the BRICS nations could fund the entirety of their import bills using the new currency, and achieve a level of self-sufficiency in international trade that other currency unions have not.

Billionaire Ray Dalio warns of looming global debt crisis

• • • Billionaire Ray Dalio warns that nations are no longer lining up to purchase US government debt after witnessing the crisis in the US banking industry.
    • Dalio warns that the Federal Reserve’s tight monetary policies have created a catastrophic environment for the US.

In a recent interview with YouTuber Chris Williamson, Dalio explains that the historical rise in interest rates over the past year has devalued bonds sold by the government to buyers such as banks, companies, and other nations. He notes that bond prices and interest rates tend to move in opposite directions, and the prices of older bonds plummet when newer bonds offer higher yields. Dalio warns that the Federal Reserve’s tight monetary policies have created a catastrophic environment for the US, causing nations and other buyers to back away from US bonds just as the government needs more money to fund the national deficit.