BRICS vs. the Dollar: Brazil’s Central Bank Weighs In on the Global Currency Showdown

Could the BRICS alliance finally dethrone the almighty greenback? A top Brazil central bank official breaks down the uphill battle—and why Wall Street isn’t losing sleep yet.

Forget gold or crypto—the real financial cage match is between the dollar and BRICS’ ambitions. Spoiler: the incumbents still have home-field advantage.

One cynical take? Currency wars move at glacial speed—plenty of time for bankers to hedge their bets (and bonuses).

BRICS Cannot Topple the US Dollar, Says Brazil’s Central Bank Deputy Governor

Brazil’s Central Bank official says that the BRICS alliance has no strong asset that can challenge the US dollar. He revealed that there are no stronger BRICS-denominated assets or currencies that can offset or replace the US dollar. David explained that the alliance cannot make de-dollarization a success even after 10 years, well into the next decade.

he said during a webcast on BRICS-denominated assets taking over the US dollar. He acknowledged that alternative trading options might thrive next decade, but that won’t hit the nail on the USD’s coffin. He added that there is no alternative or viable option that can dislodge the greenback in the NEAR horizon.

When asked during the webcast if Bitcoin can replace the USD, David called itHe said that Brazil has $340 billion in foreign-exchange reserves because the greenback will not dip like Bitcoin. David believes that Bitcoin will not become a counterweight to the US dollar and national currencies of BRICS economies.

The Central Bank Deputy Governor even questioned if BRICS can become a counterweight to Western powers. The alliance has several drawbacks and financial limitations that do not allow it to grow like the US dollar. This limits its powers to only trading in local currencies and does not do much harm to the greenback’s global dominance.