BitcoinBTC, Ethereum, XRPXRP and other major cryptocurrencies are back in the spotlight this year amid growing fears of a “crisis” US dollar death spiral as the Federal Reserve prints $1 trillion every 100 days.
Subscribe now to Forbes Crypto Assets and Blockchain Advisor And “Discover blockchain successes that are poised for an additional 1000% gain” ahead of the looming Bitcoin halving earthquake!
The price of Bitcoin has returned to an all-time high of around $70,000 per BTC, sending the price of Ethereum, XRP and the broader cryptocurrency market soaring, with Wall Street eyeing a staggering $90 trillion in gains.
Now, as Tesla billionaire Elon Musk and legendary investor Warren Buffett call it a “real currency,” China and Russia have teamed up to create a payment system based on Bitcoin’s blockchain technology — with one respected economist warning that it could be “even more dangerous to US hegemony.” of nuclear weapons.”
Register now, for free Cryptocodex—A daily five-minute newsletter for traders, investors and cryptocurrency enthusiasts that will update you on the latest developments and keep you ahead of the Bitcoin and cryptocurrency bull market.
“We believe that creating an independent payment system for BRICS is an important goal for the future, which will rely on the latest tools such as digital technologies and blockchain,” Kremlin aide Yuri Ushakov told Russia’s TASS news agency this week. .
Bitcoin, as well as other cryptocurrencies such as Ethereum and XRP, use distributed ledger technology known as blockchain to record and validate transactions without the need for a central authority.
“The main thing is to make sure it is convenient for governments, ordinary people and companies, as well as cost-effective and politics-free,” Ushakov said.
The BRICS group, which includes China, Russia, Brazil, India and South Africa, has in the past few years been looking for ways to end its dependence on the US dollar, a trend that was exacerbated by the sanctions that the United States subsequently imposed on Russia. Its invasion of Ukraine.
In 2022, Russia was kicked out of the world's main international payments network, SWIFT, with the former deputy head of Russia's central bank warning it could spell “disaster”.
Register now for Cryptocodex– Free daily newsletter for cryptocurrency fans
South Africa's ambassador to the BRICS countries, Anil Sooklal, said last year: “The days of a dollar-centric world are over. That is a fact. Today we have a multipolar global trading system.” Fox Business.
Meanwhile, China is slowly rolling out a digital version of the yuan, also inspired by Bitcoin and cryptocurrencies, in an attempt to control the domestic flow of money among its citizens and compete with the US dollar in global trade.
So-called central bank digital currencies (CBDC) exploded to a total of 950 million transactions last year, with a cumulative value of 1.8 trillion yuan ($249.9 billion) by the end of June, up from 100 billion yuan ($13.9 billion) the year before. August, according to what was reported South China Morning Newspaper.
“If… the migration of capital flows to the Chinese digital payment system increases… this is more dangerous to American hegemony than nuclear weapons,” said economist Yanis Varoufakis, a former Greek finance minister. He said During an event at the Australia Institute this week.
“This is my explanation for why the cold war between America and China is intensifying.”
Follow me Twitter.
