Contrary to speculation, the formation of a new BRICS currency will not be discussed at the bloc’s upcoming August summit in Johannesburg. The meeting will instead focus on expansion efforts and other bilateral topics rather than launching a joint currency to challenge the US dollar.
The threat of BRICS introducing an alternative to the dollar seems to have fizzled out, as dethroning the greenback proved more difficult than anticipated. The dynamics are not there for BRICS to displace the dollar’s global dominance anytime soon.
Famed investor Warren Buffett predicted the dollar’s enduring strength back in 2015, saying it would remain the world reserve currency for another 50 years minimum, or until at least 2065. Buffett expressed high confidence the US dollar would continue as the de facto global currency well into the future.
He also didn’t see even the Chinese yuan coming close to supplanting the dollar’s status for many decades, if ever.
In summary, contrary to some predictions, BRICS is not poised to launch a joint currency or meaningful challenge to dollar dominance, according to Buffett’s prescient 2015 assessment.
