Brazil President calls to end USD trade dominance as BRICS add new nations to expedite de-dollarization

Brazil president Luiz Inácio Lula da Silva has advocated for a termination of the trade dominance of the US dollar (USD) as talks about new countries to the BRICS economic alliance comprising Brazil, Russia, India, China, and South Africa continue. He believes the door is open for interested countries, provided they comply with established rules.

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BRICS to add new members

BRICS, comprising five member countries, could grow to almost 27 countries in total soon, with the expansion slated for the next summit. With this oncoming gathering, a “tectonic shift” is expected, meaning a strong move that could determine the future of the economic world as we know it.

The next summit could see new economic alliances being formed for the short and long term. Citing Anil Sooklal, ambassador to the European Union, in a commentary with Bloomberg:

BRICS has become a powerful global force enacting real change. This change is not coming voluntarily. BRICS has catalysed a tectonic shift in global geopolitical architecture, starting with the summit.

With the five current members of BRICS being self-proclaimed anti-dollars, and given that most of the recruit nations are also championing their campaign against the notion of a single currency playing dominance and superiority over the rest of the currencies, the move could be bullish for Bitcoin (BTC).

Bitcoin adoption and value to grow as BRICS expand

With more countries waging a campaign against the dollar, the need for a common currency presents itself, with crypto presenting as the first alternative. Also, countries like Russia, India, China, Brazil, and South Africa have become widespread adopters of blockchain technology, as demonstrated in their recent infrastructural moves to support the industry.

Accordingly, the development could catalyse Bitcoin price, fueling a possible value surge as demand for the currency increases to settle inter-border transactions. The prospects have some community members excited as the Federal Reserve continues to influence the industry. A more robust backing from heft world economies could go a long way in diluting this influence.

Other community members are already intrigued about the impact such a move would have on the international landscape, with Saudi Arabia and the Middle East, in general, promising to be the real game changer as they push towards becoming the global hub for crypto.

Nevertheless, skeptics remain doubtful of the promised “tectonic shift,” given the current dominance of the USD despite almost half the world’s population leaving the dollar and going to a commodity-based currency.