Russia’s Putin Says US Dollar Losing Global Role; Bitcoin To Gain?
Russia President Vladimir Putin reiterated the rising question on the threat to the US Dollar’s status as global reserve currency. Although the US dollar has been the world’s reserve currency for a long time now, its dominance is currently under threat with the BRICS group proposing to introduce a common currency. Meanwhile, speculation has been around that the group would utilize cryptocurrencies for the same.
Also Read: XRP Lawyer: Coinbase May Have Acquired Ripple Too?
BRICS, a group of five emerging economies Brazil, Russia, India, China, and South Africa, is said to be working on a common currency to counter the US Dollar dominance.
Putin: US Dollar Losing Global Role
Earlier, reports quoted Russian President Putin as saying that the US dollar is losing its global role in an “objective and irreversible” process. Last week, CoinGape reported former US President Donald Trump’s warning on the threat to the Dollar’s global position. He warned that the BRICS group’s aggressive moves towards dedollarization could be a massive threat.
The Russian president had reportedly attended the BRICS 2023 in Johannesburg through video conference from Moscow. He also credited the success of reducing US Dollar’s share of member states trade to the BRICS Group. The share of US Dollar in international trade declined to 28.7 percent, he added.
What About Bitcoin And Crypto Dominance
With the adoption of the Central Bank Digital Currencies (CBDC) by various economies across the world, the mode of digital asset payments is continuing to rise in the international trade space. Hence, with the likes of Russia, India, and China planning to bring in a new common currency, the role of crypto and Bitcoin may also be considered, at least for future use. In the United States, Bitcoin continues to gain institutional exposure with Blackrock and Fidelity among several companies exploring options to offer BTC based products.
At the same time, the US regulators are adamant against providing clear oversight rules on the crypto market, which could likely be due to concerns around dedollarization.
Also Read: Robert F Kennedy Jr Says Bitcoin Guarantees Civil Liberty
- Crypto Market Correction Intensifies As S&P 500, Dollar Index Enter Dangerous Territory
- BitGo To Follow Gemini’s Footsteps With US IPO After 4x Revenue Surge
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Crypto Market Eyes Upside as FTX Set to Repay $1.6B to Customers
- Elon Musk’s X Vows Crackdown on Bribery Network Behind Crypto Scam Accounts
- Dogecoin Price Prediction as Grayscale ETF Move Meets Cycle Breakout: Is a New Peak Ahead?
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
