The BRICS alliance continues its rapid growth, with Venezuela being the latest country to join the bloc. Seeing that Venezuela is ranked #10 in countries with the most natural resources, this is nothing to scoff at.
BRICS is a bloc of emerging economies originally composed of Brazil, Russia, India, China, and South Africa. The alliance continues its expansion, with three other countries having submitted proposals to join the group this year, including Colombia, Thailand, and Malaysia.
https://x.com/BRICSinfo/status/1804174974866919563
Just a few days earlier, it was announced that Zimbabwe will also be joining the alliance.
https://x.com/BRICSinfo/status/1803096137471086844
It would seem that ever more countries are taking an interest in joining the new BRICS alliance, probably because they all know that American hegemony is coming to an end, and the US dollar is failing.
In fact, Russia recently announced that BRICS is indeed working on their own independent payment system. Meanwhile, China has been busy selling off US treasuries and replacing them with gold, a commodity that could be used to back the new BRICS currency.
Don't panic though! We don't want the dollar to collapse too quickly. We all have to collectively believe that the dollar has value for a smooth transition into central bank digital currencies.
The Looming Crypto Threat
The ultimate question is, will the BRICS alliance hold up if the citizens of these member countries decide to transact using cryptocurrencies instead of the new BRICS currency.
Recognizing the threat, China has tried to ban Bitcoin and other cryptocurrencies multiple times in the past, but their citizens still manage to find ways to circumvent the restrictions.
It all reminds me of the Abe Simpson meme that goes "back in my day, money was made of paper, and you had to get it from the government!" With the advent of Bitcoin and its derivative blockchain technology, the people are now able to create their own money, instead of depending on the government.
BRICS vs Crypto
At this rate of expansion, it appears that BRICS will manage to overtake America's worldwide sphere of influence in short order. That said, these member nations could very well end up splitting up into much smaller city states when the SHTF.
These new city states could have their economies powered by decentralized cryptocurrency tokens. For that reason, we should refocus our energies on local communities, rather that the giant centralized nations of yesteryear.
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the HIVE blockchain. You can also follow me on InLeo for more frequent updates.
Until next time...