Bank of America: Bitcoin Reigns Supreme as New World Currency


Bank of America analysts have argued that the US dollar remains the global reserve currency, and that no other currency or cryptocurrency can currently compete with it. The analysts suggest that the US dollar has a huge and clear advantage over other currencies and that there is currently no alternative to it.

Recently, 19 more countries have applied to join the BRICS group, which consists of Russia, China, Brazil, South Africa, and India. There are discussions about whether large economies such as Saudi Arabia and Pakistan will be accepted into the group, and these discussions will take place at the August meeting.

Many economies, including BRICS countries, have recently started to implement a dollarization-free policy. Countries such as France and Argentina, along with many other important economies, have been discussing the use of the Chinese yuan in trade. French President Macron, during his visit to China, also stated that dependence on the US dollar should be reduced.

In conclusion, Bank of America analysts suggest that the US dollar’s dominance in the global financial system is not threatened, and that there is currently no alternative to it. While many countries are discussing dollarization-free policies and alternative currencies, the US dollar remains the world’s reserve currency, with no imminent threat to its position.

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