BRICS Nations Challenge Dollar Dominance: China & Russia Use Bitcoin for Oil Settlements BRICS Nations Accelerate
De-Dollarization with Bitcoin-Powered Oil Transactions
In a groundbreaking shift in global trade dynamics, China and Russia—key members of the BRICS economic bloc—have reportedly begun settling oil payments using Bitcoin (BTC). This strategic move marks a significant step in the alliance’s broader de-dollarization agenda, challenging the long-standing dominance of the US dollar in energy markets.
Key Developments:
1. Bitcoin as a Settlement Tool:
Asset management giant VanEck confirmed that China and Russia are utilizing Bitcoin and other digital assets for select energy transactions, signaling a potential shift away from traditional dollar-denominated trade.
2. Bullish Implications for Bitcoin:
VanEck highlighted that this adoption "might be bullish for Bitcoin," as it positions the cryptocurrency as a viable alternative for international trade settlements.
3. Expanding Crypto-Based Trade:
Beyond BRICS nations, Bolivia has announced plans to facilitate electricity imports using cryptocurrency, while France’s EDF explores Bitcoin mining with surplus energy exports to Germany.
4. The Geopolitical Shift Away from the US Dollar
The White House’s imposition of tariffs on over 185 countries has intensified global efforts to reduce reliance on the US dollar. Although the Trump administration recently announced a 90-day tariff pause, the economic repercussions have already spurred BRICS nations to accelerate alternative financial mechanisms.
