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The Dollar Dilemma: Bitcoin and Gold Poised to Thrive as BRICS Challenges U.S Currency

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  • Financial author, Robert Kiyosaki, predicts a struggle for the US dollar as BRICS nations plan to de-dollarize the global economy, potentially rallying the price of gold.
  • Over 40 nations, led by BRICS, are reportedly keen to drift away from US dollar dependence, posing significant implications for Bitcoin and gold.

In an evolving financial landscape, the dominance of the US dollar appears to be under potential threat. The power centers of the global economy, namely Brazil, Russia, India, China, and South Africa (collectively known as BRICS), are purportedly setting the stage for a shake-up in global financial norms that could bring significant implications for Bitcoin and gold.

Preparing for a Paradigm Shift

Robert Kiyosaki, best-selling author of ‘Rich Dad Poor Dad,’ voiced these predictions via a post on X, the microblogging platform. Kiyosaki has projected that a collective of roughly 41 nations could convene at a summit on August 22, 2023, in South Africa. The objective? To instigate a ‘Gang Warfare’ against the US dollar.

Kiyosaki is of the view that BRICS and its allied nations might be plotting to introduce a new currency – the BRIC. He postulates that this new currency will be underpinned by gold, with 1 BRIC equaling 1 ounce of gold. This equivalence, according to Kiyosaki, could catalyze gold prices to reach a remarkable $3000 per ounce, a significant jump from its current spot price of around $1972.

Such a development, coupled with the ongoing scrutiny of US Federal Reserve’s policy decisions and Chairman Jerome Powell’s recent comments on policy outlook, has led to a rough ride for the US dollar. The USD Index, a barometer for the dollar against six major currencies, appears to be on a downward spiral, nearing a worrying 101.00 mark.

A recent report indicates an expanding interest from over 40 nations in aligning with the BRICS initiative. This interest persists even amidst the news that Russian leader, Vladamir Putin, will not be participating in the forthcoming BRICS summit slated for August 22 to 24.

While a senior BRICS diplomat has noted that the introduction of the BRIC currency isn’t officially on the summit agenda, the clear trend indicates a concerted effort by these nations to distance themselves from the US dollar.

As this economic chess game unfolds, observers will watch keenly how these developments ripple through the financial world, particularly affecting assets like Bitcoin and gold.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628