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- Gazprom Neft, the largest Russian oil producer and refiner, highlighted that it has successfully ditched the United States dollar for the Russian ruble and Chinese Yuan to enable seamless trade with the BRICS nations and other countries.
- The Russian vs Ukraine and Israel vs Gaza wars have seen the crude oil prices spike by more than 4.2 percent in the past 24 hours as Matrixport predicts Bitcoin will eventually outperform Gold in market valuation.
The world economic outlook is currently experiencing a notable shift amid heightened calls for de-dollarization, as the United States dollar accounts for nearly 58 percent of global reserve currencies. The recent move by the BRICS alliance to onboard large oil and gas producers has undeniably accelerated the rate of de-dollarization amid the mainstream adoption of Bitcoin (BTC), the leading digital asset by market value and liquidity.
In a bid to ensure a seamless transition of de-dollarization, Russia and China have increased the use of respective currencies to settle trade between the two nations and their allies.
The BRICS Movement Accelerates De-dollarization
Interestingly, Gazprom Neft, a leading oil producer in Russia that is ranked third according to refining throughput, has entirely ditched the United States dollar to use the local currency in addition to the Chinese Yuan. The move is in line with other BRICS members that have been using respective currencies to settle international trades.
For instance, India and the United Arab Emirates recently settled an oil trade in rupee. Additionally, the United Kingdom has expressed its satisfaction with using other currencies to settle international trades.
The CEO of Gazprom Neft, Alexander Dyukov, said that the use of Russian rubbles and the Chinese Yuan will continue to be used but the company has no issues in accepting other foreign currencies from different parts of the world.
The move by Gazprom Neft significantly changed the perspective on the puzzle of economic geopolitics. Moreover, the United States dollar is already feeling pressure from the country’s high-internal debt that recently surpassed $34 trillion and economists forecast it could exponentially rise in the coming years as the Federal Reserve prints more to repay the debt.
Bitcoin’s Place Amid De-dollarization
The Bitcoin market has taken the global investors by storm with experts led by the ones from Matrixport predicting mainstream adoption of digital assets on the cusp of taking place in the coming few years. With the United States Securities and Exchanges Commission (SEC) expected to approve several spot Bitcoin ETFs in the next six months, analysts predict more than $30 billion will enter the crypto market in the subsequent months. Moreover, a notable demand for Bitcoin from institutional investors has helped the crypto market stabilize around $1 trillion in valuation despite the devastation of the bear market.
The fact that El Salvador has significantly improved in its economic outlook since it adopted Bitcoin as legal tender, other countries are much more likely to purchase the top coin in the long haul to hedge against rising inflation.
