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Hi there everyone, TheRingMaster is back with another awesome blog and I have to say, 2024 has been one of the most politically tensed year ever with so much going on. The drama surrounding elections in the United States of America trends more than anything right now.

While the majority of us are very focused on Donald Trump turning into Matrix dodging a bullet and Kim Cheatle deflecting question about whether Democrats where actively responsible for the attempted Assassination, the other side of the world is making some serious progress.

By "other side of the world" I mean the BRICS nations.

I'm not going to assume that all my readers are aware of exactly what the BRICS is or what it's up to so I'll give a very brief summary of why it was formed, what its goal is and how close it is to achieving the goal.

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US dollar As The World's Reserve Currency

We already know all to well the power of the US Dollar. It is currently the world's reserve currency accepted and adopted by all or most countries. This has for a really long time given some great benefits to America.

America is able to raise as much capital as it needs or even sanction other nations using their dollar as a political tool since those other nations would have to do most of their international trades in dollar. America can get away with so much debt because it prints the dollar. While it costs a few cents to make a 100 dollar bill in America, other nations would need to produce goods equal to that 100 dollar bill. This gives America some serious leverage here.

Then we have the Petrodollar agreement with Saudi Arabia which meant that oil is to be bought with only the US dollar. All of this mandatory US currency trade makes the US dollar very strong and currently still the strongest of currencies.

We know Saudi Arabia to be the country with the second largest oil reserve; a little over 16 percent of the world's oil share and that's a really big deal. America signed an agreement with them to sell oil in US dollars and in exchange the US would support the country in many different ways.

The dollar being the world's currency reserve has been used as an economic weapon by America for a very long time and many countries aren't exactly pleased with this situation. Russia is the number one country against this situation.

I'm pretty sure we all remember Russia's invasion of Ukraine a couple of years back. When that happened and I'm not in support that it happened, the US hit Russia with sanctions and froze their dollar reserves. This made it difficult for Russia to trade internationally with the dollar.

President Putin was not happy with that and the rest of the world sat back and watched how powerful the US has become with making the dollar the world's reserve currency. This is not the only time something like this happened. Countries like Iran have also been hit with lots of sanctions and it stems from the fact that the dollar is that powerful.

The concept of why BRICS was established is quite simple

Since "US dollar" is the world's currency reserve, countries need to have a pretty large amount of their own wealth in US dollars in order to buy oil and other international trade goods and the US can at any point freeze their assets. That's way too much power America has over nations and that's the main reason BRICS was formed.

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What is BRICS?

BRICS is simply an economic alliance between several member countries with the original members during its establishment being, Brazil, Russia, India, China and South Africa. The first letter of the member countries' names was combined, hence the abbreviation "BRICS". However, other countries joined a while after this establishment. Countries like Iran, Egypt, Ethiopia and the United Arab Emirates (UAE) to list a few new ones.

Speaking of the UAE, the Petrodollar agreement they had with the US expired this year and not surprisingly they decided not to renew it. It's been 50 years since the agreement and it expired on June 9th 2024.

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Dedollarisation

One of the key and obvious goals of the BRICS nations is Dedollarisation. This is a term for the vision of reducing the world's reliance and use of the US dollar for intentional trades.

Some might say it is an agenda to destroy the US economy and it's part of the war between the US and Russia or China, however I see this as a simple cause and effect situation. Although these countries where invading other nations and killing mercilessly which the US tried to intervene, the sanctions and other ways by which the US manipulates other economies with the dollar is the primary reason for which BRICS has become an attractive group other nations want to join.

If the BRICS become successful with their Dedollarisation agenda, it can strip US of its power to dish out sanctions that affects other nations.

Dedollarisation is not going to be a simple task because for decades the dollar has been strengthened and traders are used to it. Taking it out or replacing it would take years for them to see the effect, that is if they're successful with it. At the moment, there's really no better alternative to the US dollar, which means replacing it would be a hectic task.

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BRICS Creates Their Own Currency and Its Cryptocurrency

The plan for BRICS was simple; agree on creating a new currency they can trade with and dump the US dollar. So while the world is distracted by election drama and who got shot, the BRICS currency is officially closer to completion in its development.

What will this currency be backed by?

The biggest speculation has been that it would be backed by gold which is why we see China and other nations involved in buying and keeping so much gold in their reserves. This was the rumors for a while until recently this year, new information came out that the BRICS currency will be blockchain based.

When I heard this, I knew this was going to be a win for the crypto community. The BRICS nations account for over 3 billion people. That's nearly half of the entire world and probably more countries will enter. If BIRCS currency is truly a crypto and it gets adopted by many, it would mean even more transactions would be done in cryptocurrency.

Trump also stands for Cryptocurrency

I've already shared a couple of blogs about Trump's views or stands on cryptocurrency. He even accepted some of his campaign donations in crypto; a total sum of over 3 million dollars in crypto.

See where I'm going with this?

The BRICS are going to adopt crypto while Trump is trying to make crypto great in America, this is not just going to call for a bull run in 2025 but a perfect environment for blockchain technology to thrive and innovate.

We don't know yet whether this BRICS Blockchain currency will still be gold backed but regardless, it's crypto and that's a big win for the Web 3.0 community.

The BRICS currency is not just going to be a currency for transactions between governments but a currency convenient for common people and businesses as well. The mission is to make the currency both cost effective and free of politics. Their agenda is to make sure that no single country would have as much international and political influence as the US is having with the Dollar.

• No wonder Crypto and Blockchain was the best way to go thanks to one primary advantage; Decentralization.

However thinking about the impact BRICS currency would have on the dollar, well it's going to be pretty massive folks, because it would be almost half the world dumping the dollar and adopting BRICS for international and maybe local trades. This is a big deal and the latest news on the currency is that it's nearly ready and only needing approvals from some nations involved.

Don't take my word for it... Watch this YouTube video below

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For All You Gold Lovers Out There

Well folks, God Bless America but if BRICS currency becomes a success, the value of the dollar might certainly decline. History proves most of the times that when dollar value drops, value of gold rises. With BRICS becoming a success and don't forget, crypto getting even more widely adopted, demand for dollar will reduce and thus its value.

With the drop of the value of the dollar, we may see the rise of the value of gold. So if you've got any gold, it's probably best to hold on to it and see what happens in 2025.

Thank you so much for your time and as always, drop some comments below and let me know your opinions on the blog topic.

Let's Make Web 3.0 Great ✊

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