BRICS: United States to Use Bitcoin to Save the Dollar?
With the BRICS alliance firmly committed to de-dollarization, one expert believes that the United States can look to Bitcoin to save the dollar. Riot Platforms director of public policy, Sam Lyman, recently discussed the potential of the crypto market to help the US in ongoing geopolitical rivalries.
Authoring a piece for Forbes, Lyman notes that the US could use BTC as a “Trump card” against BRICS leader nation, China. Within the story, Lyman drew parallels between the crypto sector and the ‘Space Race.’ He expressed the importance of the asset class, similar to that of space travel within the US and Soviet Union contentions during the Cold War.
Also Read: BRICS: Russia & China Turn to Crypto in Move Away From the US Dollar
Bitcoin to be ‘Trump Card’ US Needs to Fend Off BRICS?
The BRICS bloc has been the focal point of geopolitical concern for much of the last year. Specifically, it has sought multipolarity in global affairs. A massive part of that has been its hope in diminishing the prevalence of the US currency. Although that hasn’t yielded the results the group has hoped, it may be a matter of time.
Yet, amid those BRICS actions, one expert has said the United States could use Bitcoin to save the US dollar. Indeed, Lyman noted that the leading crypto certainly has a role to play. Moreover, he discussed how US participation in the sector is paramount.
“Classifying Bitcoin as a strategic reserve asset would be the starting pistol in the Bitcoin Space Race,” Lyman said. “If the United States—the wealthiest country in the world and home of global capital—begins accumulating Bitcoin on its balance sheet, then other countries would have powerful incentives to do the same.”
Also Read: Bitcoin Will Surge To $2.9 Million By 2050, VanEck Predicts
Earlier this year, rumors swirled that Donald Trump was looking into this very idea. He was reportedly exploring the idea of making BTC a reserve asset. Additionally, he expressed the necessity of the US to outpace China in terms of crypto adoption. This could be the beginning of that.
Lyman discussed BRICS accumulation of gold in 2024. He noted that Russia and China alone have accumulated “2,300 tonnes of gold and are the largest and second-largest producers of gold, respectively.” With that acting as a clear de-dollarization play, Lyman says the US should target “digital gold,” in Bitcoin.
“Bitcoin is uniquely positioned to complement physical gold as a strategic reserve asset,” Lyman wrote. Additionally, he noted BTC was already superior to the metal. For the US to embrace it, it would take it to another level of value. In turn, it would present a clear position in the lead for the US regarding the growing crypto space.