BRICS Challenges the U.S Dollar: Bitcoin and Gold Beneficiaries Ahead of August Summit to be Attended by 40+ Nations

  • The upcoming August Summit, potentially attended by more than 40 nations, is set to highlight a pivotal BRICS initiative to challenge the U.S Dollar’s global hegemony.
  • Bitcoin and gold could emerge as significant beneficiaries if the BRICS countries, led by their new “BRIC” currency, succeed in de-dollarizing the world economy.

World-renowned financial expert Robert Kiyosaki has drawn global attention to a potentially significant currency transformation. Via a social media post, he hinted at a decisive action against the U.S. Dollar dominance led by BRICS nations, possibly bolstered by more than 40 other countries. The focus of the maneuver is the introduction of a fresh currency, termed the “BRIC”, a potential game-changer at the upcoming August Summit.

Uncertain Times for the U.S. Dollar Index (DXY)

The proposed introduction of the BRIC currency represents a significant challenge to the U.S. Dollar Index (DXY). Already under pressure due to burgeoning domestic inflation, DXY could face more turbulence with the speculated unveiling of the BRIC currency.

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The Rise of Gold and Bitcoin: Beneficiaries of BRICS’ Strategy?

The proposed BRIC, according to Kiyosaki, could be linked with gold, where 1 BRIC equals 1 ounce of gold. This arrangement might catapult gold prices to a record $3000 per ounce, a significant leap from the current price around $1972. Such a development could also stimulate a surge in Bitcoin prices, perceived as “digital gold,” as investors hunt for alternative stores of value.

A Testing Phase for the U.S. Dollar

The U.S. Dollar, already under scrutiny due to the Federal Reserve’s policies, could face further testing times. Critiques of Chairman Jerome Powell’s policy outlook have put additional pressure on the U.S. Dollar, with the USD index struggling around 101.00.

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A Unified Move Towards De-Dollarization

Despite the absence of Russia’s President Vladimir Putin at the impending BRICS summit, the collective commitment towards de-dollarization remains firm among member nations. A senior BRICS diplomat indicated that even though the BRIC currency hasn’t made it officially to the summit agenda, the strategic shift away from the U.S. Dollar is in full swing. With over 40 nations expressing interest in the BRICS movement, a significant transformation in global currency dynamics could be on the horizon.

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