• Algeria is one of the new nations with a deep interest in BRICS.
• Bitcoin remains an alternative currency being considered by the bloc to displace US Dollar.

With the clamor around joining the BRICS group which comprises Brazil, Russia, India, China, and South Africa, Bitcoin (BTC) adoption is fast hitting massive figures. Algeria is the latest nation to indicate interest in joining the bloc of formidable global economies.

According to a statement by Algerian President Abdelmadjid Tebboune, the North African country applied to join the BRICS and also submitted a request to be a part of the BRICS New Development Bank with the sum of $1.5 billion as its first contribution.

Algeria is generally known for its oil and gas resources but the country, like many other nations, is looking to diversify its economy as well as boost its relationship with China. The president confirmed that Algeria is interested in being a part of this alliance to gain access to economic opportunities. China is already looking to invest up to $36 billion in Algeria, cutting across many of its sectors including manufacturing, new technology, the knowledge economy, transport, and agriculture.

Noteworthy, BRICS member nations make up about 40% of the world’s total population and 26% of the global economy. With more countries indicating interest, this figure is bound to grow significantly.

As of July 23, over 40 nations have shown interest in being part of the bloc including Saudi Arabia, Iran, Argentina, Cuba, the United Arab Emirates, Egypt, Bahrain, Indonesia, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan. It was also confirmed that 22 countries have officially submitted an application to BRICS. The ambitions of these nations and guidelines for their integration would be addressed at the upcoming BRICS summit scheduled to be held between August 22nd and 24th.

BRICS Nations Seek Alternative to the U.S Dollar: Bitcoin in Focus

More importantly, all nations intending to join BRICS and those who are already members, are focused on reducing their reliance on the United States dollar. They intend to combat the perceived hegemony of the United States and other Western countries in global affairs. These nations are considering several alternatives to the U.S. dollar. A consortium led by Russia and China is contemplating utilizing gold as the foundation for a proposed alternative international currency system.

Bitcoin (BTC), the leading cryptocurrency by market capitalization is likely to be another alternative asset for the BRICS. BTC is perceived to have the potential to serve as a reserve asset for countries and it would invariably deliver decentralization with respect to the Dollar.

Many crypto enthusiasts believe that the token has the capacity to provide a hedge against traditional financial systems by reducing currency risks and economic instability.

At the time of writing, BTC is on a steady momentum and is currently trading at $29,317.59, after losing 1.97% of its value within the last 24 hours. Still, it is believed that the recent events in the crypto ecosystem including the expectation of a BTC ETF approval will impact the coin positively.

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