The recent expansion and shifting objectives of the BRICS bloc suggest an escalating rivalry between its members and Western liberal economies – and a potential threat to the status of the US dollar within international trade.
‘In my mind, there are issues between those countries that make up the BRICS community,’ says Michael Diaz, Global Managing Partner of Diaz, Reus & Targ, who’s based in Miami. ‘I don’t believe that they will settle on a unified currency, because they all have national security concerns. They could move to digital bitcoin, but because of the individualised interests of those countries, I don’t see it as a risk to the US dollar.’
