BRICS, De-Dollarization, and Bitcoin

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In this video, I discuss the BRICS+ countries' proposals for a new currency to rival the US dollar, and how the emergence of a global Bitcoin standard fits into the picture.

A new BRICS currency that is backed by a basket of these countries' fiat currencies would probably continue to depreciate sharply against the USD, just as the individual currencies have done over the past 15 years.

A new BRICS currency that is backed by gold or a basket of commodities would run into similar problems as the gold standard:

Who gets to hold the commodities that back the currency?
Who gets to audit the supply?
Why should we trust the auditor?

BRICS-Coin would be an odd rag tag alliance between a bunch of countries that don't really like each other or have much in common apart from a common hatred of the weaponization of the US dollar.

For these reasons, I expect the US dollar to maintain its preeminence, but to slowly transition to a global Bitcoin standard, as the USD continues to lose purchasing power against BTC-- and as countries discover that Bitcoin is the perfect reserve asset for settling trade surpluses and facilitating global trade.

Not investment advice! Consult a financial advisor.

China and Brazil reach RMB-based trade deal:

India's oil deals with Russia dent decades-old dollar dominance:

BRICS as reserve currency:

BRICS Nations Developing "New Currency" As Quest For Global De-Dollarization Accelerates:

Should Bitcoin Be Backed By Something?

BRIC nations propose cryptocurrency for payment settlement system:

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#brics
#usd

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[Bitcoin_University]

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[digital_gravity]

Matt, the IMF released a CBDC called Unicoin. They even have a white paper. The white paper only mentions Bitcoin directly and they recommend not making Bitcoin legal tender. I think you can make a great video tearing apart their white paper.

[kalpetkoff]

You're the brightest light in the darkest tunnel. Thank you!

[CheKohler]

South African here, enjoying the content you put out only thing I would add is the BRICS countries are commodity heavy and not finished product heavy apart from China, if you're all trading within each other you don't get all the goods you want and you just sit with a bunch of surplus that no one can convert to other things they actually need and want. So they still need dollars or a 3rd party currency that will give them finished goods

Also with all the currencies you may have the on hold managing the trade between nations, you don't want to hold because they devalue, the surplus can only really go into each countries capital markets, like their stock market or bond market, which could take some of that but really not all of it,

This makes the dollar still an attractive hold for individuals, businesses and government entities in BRICS nations

[IGNACASLTU]

Daily dose of bitcoin maximalism. As always, bought a little more after watching your videos.

[Atlas_]

This should be a mandatory video for everyone calling for a digital currency 'backed by something'. They miss the point. You back a fiat currency to create scarcity. Bitcoin already has the scarcity AND you don't need to trust anyone for that scarcity to be upheld.

[distruptiveinnovationwon]

Saylor reiterates btc is energy as well . Ty for your continuity in display within your conversation.

[cxbmtx]

Your Channel is great. I am your full time Student.. THANKS for opening my EYES!

[uptoapoint]

The future is Bitcoin (and gold) but this video gives a US-centric view of the dollar. China, for example, almost certainly has accumulated over 20, 000 tons of gold despite officially reporting only one tenth of that amount. Speaking of commodities, China produces half of the world's major industrial metals, the U.S. virtually none because it has become a service economy. I am pro-USA but the reality is that it is still living politically in the 1950's and has substituted debt for work.

[roadrunner]

Some of the best content in the crypto space

[moneycrab]

Love the pragmatic conclusion of the video: the dollar may not be supplanted outright in some kind of big bang, but instead death by a thousand cuts. USD falls against real goods and gradually more and more trade is conducted in local currencies.

[macmaniac]

Interesting topic Matt, always a pleasure to see someone handling the bull by the horns and very enlightening to hear your analysis

[cryptosfool]

great content and I like that you can say a lot in a short video.

[bobgracia]

the quality of BU is outstanding keep it coming Matt

[AlanGeik]

Great explanation of dedollarization and its possibilities and limitations. Nice work Prof.

[Rowlph]

Before I clicked on this video, I was thinking, "please don't scare me too much Matthew". But I think I just have to get used to it

[Market_Theory]

Bitcoins Halving was at 150 billion
We just bottomed at 300 billion
We literally just hit 600 billion a few days ago to the dollar

The ATH is 1.25 Trillion a multiple of 150, 300, and 600.

I hope my random comment teaches you something :)

[lotusbb]

Another great, well thought-through video. Thanks Matthew

[trogenta]

It's nice to hear Bitcoin University now. Also a nice video.

[thebrinksf]

Agree. I think Bitcoin will be the end decision.