{"id":1798,"date":"2024-10-29T09:47:02","date_gmt":"2024-10-29T09:47:02","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=1798"},"modified":"2024-10-29T09:47:02","modified_gmt":"2024-10-29T09:47:02","slug":"brics-nations-to-adopt-bitcoin-for-global-trade-predicts-vaneck-exec","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=1798","title":{"rendered":"BRICS Nations To Adopt Bitcoin For Global Trade, Predicts VanEck Exec"},"content":{"rendered":"
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In an appearance<\/a> on CNBC\u2019s \u201cSquawk Box,\u201d Matthew Sigel, Head of Digital Assets Research at investment firm VanEck, forecasted a significant shift in global trade dynamics with the potential adoption of Bitcoin by BRICS nations. Sigel\u2019s insights come amid growing fiscal policy concerns in the United States and increasing efforts by emerging economies to circumvent traditional financial systems.<\/p>\n

\u201cWe think once the election result is finalized, Moody\u2019s is going to downgrade US sovereign debt, and that could be a catalyst for Bitcoin,\u201d Sigel stated. He emphasized BTC\u2019s unique properties, noting, \u201cBitcoin is a chameleon. It\u2019s hard to predict what it\u2019s correlated with. Because of the 21 million and fixed amount out there, it\u2019s a non-US asset.\u201d<\/p>\n

BRICS Will Adopt Bitcoin: VanEck<\/h2>\n

The BRICS bloc\u2014comprising Brazil, Russia, India, China, and South Africa\u2014recently expanded to include five new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). This expansion increases the bloc\u2019s combined GDP to surpass that of the G7 nations.<\/p>\n

\u201cBRICS had a conference in Russia; there\u2019s six new members, so their GDP is greater than the combined GDP of G7,\u201d Sigel stated. \u201cOf the six new members, three of them\u2014Argentina, UAE<\/a>, and Ethiopia<\/a>\u2014are mining Bitcoin with government resources. There\u2019s urgency outside the US to find a way to circumvent the fiscal policy here in the US.\u201d<\/p>\n

Russia is taking concrete steps to bolster its BTC mining infrastructure. The country\u2019s largest data center operator, BitRiver, has partnered with the Russian Direct Investment Fund (RDIF) to construct mining and artificial intelligence computing facilities across BRICS nations. The partnership was announced<\/a> at the BRICS Business Forum in Moscow on October 18, 2024.<\/p>\n

\u201cWe will focus on creating a mining-based infrastructure\u2014building data centers and connecting them to necessary power sources to enable AI project deployment and development across the country,\u201d said BitRiver CEO Igor Runets.<\/p>\n

Sigel pointed out Russia\u2019s strategic moves: \u201cRussia announced their wealth fund is going to invest in a regional fund to build Bitcoin mining throughout BRICS with an idea of settling global trade in Bitcoin.\u201d<\/p>\n

He suggested that future geopolitical shifts could lead to broader acceptance of Bitcoin in international trade. \u201cSomeday, I don\u2019t know if it\u2019s five years or ten years, Putin is going to die. We\u2019re going to look to reintegrate these countries into the world system, and they\u2019re trading in Bitcoin\u2014what are we doing?\u201d<\/p>\n

Kirill Dmitriev, CEO of RDIF, echoed the sentiment of technological sovereignty: \u201cThe development of computing capacity for the implementation of artificial intelligence in various industries is a priority for Russia and the BRICS alliance partners. Joint use of high-tech infrastructure will let members reduce costs, cut foreign technology dependence, and control critical data.\u201d<\/p>\n

Notably, Sigel remains bullish on Bitcoin\u2019s future value. \u201cIt\u2019s going to be a $100,000 asset soon, $200,000. The smallest ever rally was 2,000%. If we do half of that, 1,000%, we would be at $180,000,\u201d he projected. He anticipates that post-election fiscal developments in the US will serve as a significant catalyst for Bitcoin\u2019s appreciation. \u201cI think after the election will be a significant catalyst. You can see it on the front page of The Wall Street Journal talking about debt and deficit concerns. Moody\u2019s is telegraphing this.\u201d<\/p>\n

VanEck has developed a long-term model predicting Bitcoin\u2019s ascendancy as a global reserve asset. \u201cWe have a model that assumes by 2050<\/a>\u2014this is long term\u2014Bitcoin becomes a reserve asset used in global trade and held at global central banks at a modest 2% rate, and in that model, we arrive at $3 million,\u201d Sigel revealed.<\/p>\n

At press time, BTC traded at $71,029.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

In an appearance on CNBC\u2019s \u201cSquawk Box,\u201d Matthew Sigel, Head of Digital Assets Research at investment firm VanEck, forecasted a significant shift in global trade dynamics with the potential adoption of Bitcoin by BRICS nations. Sigel\u2019s insights come amid growing fiscal policy concerns in the United States and increasing efforts by emerging economies to circumvent […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-1798","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1798"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1798\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}