Bank of America report dismisses BRICS, yuan and crypto as viable alternatives to Bitcoin as the new world currency
- Bank of America analysts say the BRICS currency, yuan and cryptocurrencies are currently failing to outperform the US dollar’s dominance.
- The analysts argue that there is no alternative to the US dollar and there is no danger of losing its global dominance.
Bank of America argues that the US dollar remains the global reserve currency
The debate over whether the US dollar has lost its global dominance has been a hot topic of late, according to analysts at Bank of America. However, the bank argues that the US dollar remains the global reserve currency and that no other currency or cryptocurrency can currently compete with it. Athanasios Vamvakidis, the author of the report, points out that the US dollar has a large and clear advantage over other currencies and that there is currently no alternative to it.
No competing currency
In the report, Bank of America analysts claim that there is currently no alternative currency that can replace the US dollar in its dominant position in the global financial system. The analysts write that even the much-discussed BRICS currency, the Chinese yuan or cryptocurrencies cannot overcome the US dollar’s dominance in the short term.
19 other countries are applying to join the BRICS group
Recently, 19 other countries applied to join the BRICS group, which consists of Russia, China, Brazil, South Africa and India. There are discussions about whether to include large economies like Saudi Arabia and Pakistan in the group, and those discussions will take place at the August meeting.
Dollarization Free Policy
Many economies, including the BRICS countries, have recently started to implement non-dollarization policies. Countries like France and Argentina, as well as many other major economies, have debated using the Chinese yuan in commerce. French President Macron also said during his visit to China that dependence on the US dollar should be reduced.
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In conclusion, Bank of America analysts point out that the US dollar’s dominance in the global financial system is not under threat and that there is currently no alternative. While many countries are discussing dollarization-free policies and alternative currencies, the US dollar remains the world’s reserve currency without imminently jeopardizing its position.
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