So, we know the catchy acronym describing the geopolitical alliance of Brazil, Russia, India, China and South Africa, claiming to represent the global south (whatever that means).
Not a week goes by without someone threatening or speculating on how this block is going to replace the USD as the global reserve, or trade settlement medium. Sounds all happy and dandy.
But, also, as expected, these five seem all very scared of Bitcoin, and not just indifferent, but positively trying to ban/crack down on even the idea of Bitcoin, with various levels of enforcement or legal threat.
So I am curious, how long before their people, at least some of them, realise that Bitcoin can be their greatest ally if they really have a beef with the USD hegemony?
Will Bitcoin break them first? Or they will eliminate Bitcoin (at least within their border) first?
Only people can break this hegemony by adopting Bitcoin. Countries and their bureaucrats — like the mafias they are — have no interest in losing control over the shitfiat they issue. After all, countries can’t hold Bitcoin; it’s the bureaucrats who control the keys — they’re the ones who will.
You can't eliminate bitcoin forever. Perhaps for a time you can more or less stop it within borders. I assume each of the BRICS nations will act differently as they do now. Some will be more ok with it than others. I can't imagine China embracing bitcoin anytime soon though unfortunately.
Good question. I think the people will wake up before the governments do. These states want control, and Bitcoin threatens that. But when enough individuals realize it’s a way out of both local mismanagement and USD dominance, that’s when things get interesting. My guess? Bitcoin survives the crackdown it always does.