BRICS Develop Gold-Backed Currency! What Is The Effect On BTC?

<p>&nbsp;"Think carefully, you might be impressed positively instead of negatively."</p><p><br /></p><p>The BRICS economic alliance that will hold a major summit in August 2023 has announced a new gold-backed BRICS currency, but the question now is will it affect Bitcoin (BTC)?</p><p><br /></p><p>There is no denying that the BRICS currency will cause the United States (US) dollar to be affected, however the discussion regarding the issue has been discussed for a long time in emphasizing the focus on the integration of national currencies and increased use.</p><p><br /></p><p>According to Leslie Maasdorp, Vice President (VP) of New Development Bank said they still need to rely on the use of the local currency but at the same time strengthen the ability to protect the economy from currency depreciation.</p><p><br /></p><p><br /></p><p>Despite this, Russia has assured that BRICS will develop a gold-backed currency, where it can continue the de-dollarization efforts enacted by the bank over the past few months.</p><p><br /></p><p>However, it should be noted that discussions regarding the BRICS gold-backed currency will have an impact on BTC even though its price in the past few months has witnessed a strengthening after a drastic fall last year.</p><p><br /></p><p>Among the reasons BTC prices managed to rise was the follow-up from asset management firms such as BlackRock and Fidelity who went out of their way to file a framework for the Spot BTC ETF.</p><p><br /></p><p>It is understood that the value of the US dollar will continue to decrease while BTC has the potential to soar when the ongoing discussion about the BRICS currency is increasingly discussed by the community.</p><p><br /></p><p>It is already known that BTC has nothing to do with BRICS or the US dollar, but if the SEC approves the Spot BTC ETF and BRICS continue to develop their currency, then the price can make a massive increase.</p>