2024-05-13 11:04:52
- BRICS gold-backed cryptocurrencies will have a serious impact on the US dollar, says Kiyosaki
- However, BRICS member countries still do not have an official consensus on a common currency.
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” has highlighted the serious impact BRICS gold-backed cryptocurrencies are having on the US dollar.
As part of their de-dollarization plans, the BRICS countries (originally consisting of Brazil, Russia, India, China and India) have explored various ways of conducting cross-border trade without relying on the US dollar or the euro.
Digital and blockchain technology are part of the plans. In addition, a gold-backed currency has also been floated.
According KiyosakiIf BRICS formalized gold-backed cryptocurrencies, the US dollar would collapse.
“If BRICS gold cryptocurrencies generate trillions in fake money, fiat US dollars will quickly return to the US, causing US hyperinflation and ultimately destroying the US dollar.”
BRICS Movement: A Threat to the USD and a Victory for Bitcoin?
In the past, the US dollar accounted for almost 100% of cross-border transactions, including oil purchases.
However, a recent IMF report report determined that the dominance of the US dollar has declined, from 80% (2010) to 50% (2023).
In contrast, BRICS member China’s renminbi (RMB) jumped from zero to 50% in the same period.
If the gold-backed BRICS cryptocurrency follows in the footsteps of the RMB, it will further affect US dominance in cross-border payments.
That means the BRICS countries might dump their dollar reserves back into the US, and according to Kiyosaki, such an increase in supply might cause “hyperinflation in the US.”
To diversify and protect investors in such a scenario, Kiyosaki encouraged his followers to buy bitcoins [BTC] and metals,
“It is better to buy real gold, silver and Bitcoin now and protect yourself once morest the fall of the US dollar.”
However, an official BRICS gold-backed cryptocurrency may still be some way off.
In August 2023, Indian Foreign Minister Vinay Mohan Kwatra emphasized The preference of BRICS members to trade with their respective currencies instead of a common one.
Although Russia warmed to a common currency in March 2024, with blockchain and digital technology in mind, all BRICS members have yet to communicate an official consensus.
Perhaps more clarity can be created during the next BRICS summit in Russia, scheduled for October 2024.
This is an automatic translation of our English version.
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