nostr:note1em3n5hgduwt667ttg0e204ts5fg9adu8lwg3npvzc7myyjmhwlkq698ele I slightly disagree with this. The statement is to easy. It is more about physical backing of their monetary system. Adding three major oil exporters to the #BRICS is a huge strike against the #petrodollar or maybe even it's funeral. It is about the strike back of the countries that hold the natural resources. Not to forget about the amount of #Gold they hold against the dollar. They know that they scaled the #dollar to death and using momentum. #Bitcoin is just at the sideline here eating popcorn and whatching the big guys play their game. Congratulations to the global south. Unfortunate for us.
Discussion
Yes, you're right with some points for now. But in this case the chinese understand the effect of action and timing very well. They are taking the money streams out one after each other. Brick by brick. So they recently established exactly this. A contract with two of the largest mining companies in the world to sell their product for RMB. And this is what will happen now with some more oil companies and so on. They are not dooing this over night. They build their strongest tool with their own gold exchange and solved their argumentational problem towards those companies in saying that they can exchange the RMB in Gold. And now you see them fall one after another because the orders are placed where RMB is accepted. If a Mining company dont accept they reducing the orders. Simple as that. And it works well for them. But they have a long way to go. And actually they don't need an own currency. They just need to bond their currencies to a fixed exchange rate and cover this with gold and Oil. Bitcoin is still just too small for this. To be competitive with gold we need a #Bitcoin Price of around 480.000 $. That is far away. But we'll get there.