‘More Dangerous’ Than Nukes—China And Russia Revealed To Be Suddenly Abandoning The U.S. Dollar For A Bitcoin, Ethereum And XRP-Inspired Rival Amid Crypto Price Pump

9 March 2024

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Reading Time: 5 mins read

BitcoinBTC, ethereum, XRPXRP and other major cryptocurrencies have exploded back into the limelight this year amid growing fears of a U.S. dollar death spiral “crisis” as the Federal Reserve prints $1 trillion every 100 days.

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The bitcoin price has shot back to its all-time high of around $70,000 per bitcoin, pushing up the price of ethereum, XRP and the wider crypto market as Wall Street eyes a staggering $90 trillion bonanza.

Now, as Tesla billionaire Elon Musk and legendary investor Warren Buffett name the “true currency,” China and Russia have teamed up to create a payment system based on bitcoin’s blockchain technology—with one respected economist it could be “more dangerous for American hegemony than nuclear weapons.”

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president Xi Jinping are teaming up to create a bitcoin, ethereum and XRP-inspired payments system as the crypto price booms.

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“We believe that creating an independent Brics payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain,” Kremlin aide Yury Ushakov told Russia’s Tass news agency this week.

Bitcoin, as well as other cryptocurrencies such as ethereum and XRP, use distributed ledger technology known as blockchain to record and validate transactions without the need for a central authority.

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“The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Ushakov said.

[crypto-donation-box]

The Brics, which include China, Russia, Brazil, India and South Africa, have in the last few years been looking for ways to end their reliance on the U.S. dollar, a trend which was accentuated by the U.S.-led sanctions placed on Russia following its invasion of Ukraine.

In 2022, Russia was kicked off the world’s main international payments network Swift, with a former Russian Central Bank deputy chairman warning it would cause a “catastrophe.”

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year, powering a wider ethereum, XRP and crypto price boom.

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“The days of a dollar-centric world is over. That’s a reality. We have a multipolar global trading system today,” South Africa’s Brics ambassador Anil Sooklal said last year, it was reported by Fox Business.

Meanwhile, China has been slowly rolling out a digital version of its yuan, also inspired by bitcoin and crypto, in an attempt to both control the domestic flow of money among its citizens and compete with the U.S. dollar for global trade.

The so-called central bank digital currency (CBDC) exploded to total transactions of 950 million last year, with a cumulative value of 1.8 trillion yuan ($249.9 billion) by the end of June, up from 100 billion yuan ($13.9 billion) the previous August.

“If increasingly … capital flows migrate to the Chinese digital payment system … that is more dangerous for American hegemony than nuclear weapons,” economist Yanis Varoufakis, a former finance minister of Greece, said during an event at the Australia Institute this week.

“That is my explanation of why we have the intensification of the cold war between America and China.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.