“Wow will BTC price shine again in the future?”
As questions about the threat to the United States (US) dollar's status as a global reserve currency are mounting, Russian President Vladimir Putin has again reiterated the point.
There is no denying that the US dollar has been the world's reserve currency for a long time, but its dominance is currently under threat with the BRICS seeking to create a new global reserve currency to counter the US dollar.
Earlier, Russian President Putin said that the US dollar has lost its global role and that it is likely to be irreversible.
Former US President Donald Trump last week warned of a threat to the global position of the US dollar and also pointed out that BRICS' aggressive move towards dedollarization could be a very big threat.
While attending BRICS 2023 in Johannesburg through a video conference from Moscow, the Russian President who praised the success of reducing the trade share of US dollar member countries to the BRICS Group revealed that the US dollar in international trade declined by 28.7%.
So here it can be seen that the use of digital assets including Central Bank Digital Currency (CBDC) will continue to increase in the international trade space.
The string, Russia, India and China are likely to plan to bring in a new global reserve currency and this means that the role of cryptocurrencies including BTC will increase in the future.
While US regulators have not provided clear crypto regulations following concerns about dedollarization, the country continues to gain exposure to digital assets as BlackRock and Fidelity file paperwork for spot BTC ETFs.
As of this writing, BTC price is still down 0.04% at $26,054 in the last 24 hours with a market cap of $507 billion and has plunged 10.72% over the past week.
