The BRICS economic alliance has long championed its efforts to lessen the prominence of the US dollar internationally. Yet, as they continue to develop things like an alternative BRICS currency, could Bitcoin actually present a global reserve replacement to the greenback?
Speaking to Benzinga, CEO of EDX Markets, Jamil Nazarali discussed the overwhelming potential Bitcoin has. Moreover, he stated that the future of Bitcoin could see it eventually become a global reserve alternative to the US dollar. especially as faith in the currency continues to grow.
Also Read: 10 US Sectors to be Affected if BRICS Stop Using the Dollar
Bitcoin Could be BRICS US Global Reserve Replacement?
The geopolitical sector has spent the last several months quantifying the potential ramifications of BRICS activities. Moreover, as the Alliance has seen six countries join its ranks, its perspectives have seemingly been shared on a global level.
Now, as the BRICS bloc continues its de-dollarization efforts, could Bitcoin present a global reserve replacement for the US dollar? Well, according to CEO Jamil Nazarali, it is certainly a possibility.
Also Read: 20 Nations Lining Up to Establish Strategic BRICS Partnerships
Nazarali spoke with Benzinga about the potential of Bitcoin and where it could eventually go. Specifically, he noted that the digital asset is “here to stay.” Subsequently, he relays his belief that “there will be greater and greater adoption over time. Additionally, he expressed how valuable Bitcoin would eventually be over an asset like gold. Stating that it is “a lot easier to carry around” than the metal
Ultimately, Nazarali stated that Bitcoin does maintain global reserve potential as a currency. Nazarali stated, “Certainly, at the end of the day, what’s required for something to be a reserve asset is people have to believe in it.”
That appears to be the premiere question for the BRICS economic alliance. Belief in the asset is paramount, but that belief is not out of the realm of possibility. Russia has already expressed its interest in developing a BRICS digital asset. Yet, in the short term, Bitcoin could provide a key opportunity to continue its efforts against the US dollar.
