BRICS-U.S. Dollar Battle: Could Bitcoin Benefit?
• BRICS is attempting to challenge the U.S. dollar globally and create a new common global currency.
• This could cause the U.S. dollar to lose its global reserve status and devalue, leading to higher demand for Bitcoin.
• Bitcoin is currently in a bullish trend and is being held by many addresses, potentially preparing for increased demand.
The world is watching a unique event unfold, as BRICS, the alliance of Brazil, Russia, India, China and South Africa, is attempting to challenge the U.S. dollar and its global reserve status. This could have a tremendous impact on the world economy, and the outcome of this battle might just be one of the major factors that will shape the future of Bitcoin.
The geopolitical tensions between the United States and other countries have been pushing the battle to the economic front and have led to BRICS attempting to create a new common global currency. This currency could potentially challenge the U.S. dollar as the global reserve currency and put the dollar on the fast lane to devalue.
If BRICS succeeds in attracting more countries, then the impact on the U.S. dollar could be severe, potentially leading to an increase in demand for alternative means of holding value, such as Bitcoin. Bitcoin is currently in a very bullish trend and is being held by many addresses. This could be a sign that investors are preparing for an increase in demand for Bitcoin if BRICS succeeds in their ambitions.
Glassnode Alerts have confirmed this about Bitcoin supply activity, noting that the amount of supply last active between one day and one week has reached a one-month high of 490,925.339 BTC, indicating that Bitcoin is being held and not being sold. This could be a sign of increased demand for Bitcoin if BRICS succeeds in their ambitions.
Overall, the battle between BRICS and the U.S. dollar could have a massive impact on the global economy and could potentially lead to an increase in demand for Bitcoin. Investors are already showing signs of preparing for such an event and it will be interesting to see how this battle plays out over the coming months.