International markets are on the verge of a fight for dominance, where emerging groups will defend their independence from the U.S. dollar dominance. Max Keiser, current cryptocurrency advisor to the Bukele administration and bitcoin permabull, claims that gold will be one of the tools leveraged to counter the hegemony of an upcoming dollar stablecoin.
Keiser took it to social media to explain what would happen in a scenario where the dollar starts becoming ubiquitous in international trade markets, with alternative blocs putting a defense organized with digital gold at the center.
Keiser stated:
The BRICS, principally Russia, China & India will counter any attempt by the US, to introduce a hegemonic, USD-backed stablecoin — with a gold-backed stablecoin.
Furthermore, he added that this alternative would be favored by other countries, which would prefer the gold-backed token given it offers protection against inflation and does not boost the U.S. hegemony.
Keiser added that adopting a gold currency would be easy, at least in India. “India already runs on a defacto gold standard and Sharia law in Muslim countries would dictate gold over a USD riba-coin as well,” he assessed.
The idea of a BRICS gold-backed currency surged in 2023 when the concept of a BRICS unified token was still part of the agenda of the international group. Economist Jim Rickards stated that such a currency would mean trouble for the dollar, as it would go up as inflation and devaluation hit the U.S. economy, ostensibly leading to the greenback’s destruction.
Read more: Economist Jim Rickards States BRICS Currency Will Leverage Gold to ‘Destroy the Dollar’
Nonetheless, the idea did not crystalize. President Trump warned that he would hit BRICS with a 100% tariff regime if they dared to “play games with the dollar,” creating their currency to conduct intra and extra-bloc trading transactions.
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