- The BRICS bloc, now expanded to 10 members, is positioning itself as a counterweight to Western financial dominance.
- Chief Economist Simon French warns the West “cannot ignore BRICS for another 25 years” as the alliance accelerates local currency trade settlement.
- The bloc’s de-dollarization efforts, though currently small-scale, could significantly reduce US dollar usage by 2050.
The BRICS alliance, now 18 years old and expanded from five to ten members in 2024, has emerged as a powerful financial force challenging the US and Western economic hegemony. Simon French, Chief Economist and Head of Research at London’s investment banking firm Panmure Liberum, wrote that the “West cannot ignore BRICS for another 25 years.”
He noted that BRICS acts as a resistance to the West, realigning the global monetary machinery while the US and Europe stagnate. Consequently, the alliance will accelerate settling trade in local currencies, reducing usage of the US dollar. Though the scale is small now, this shift could snowball into a larger effect by 2050. Meanwhile, numerous developing countries are supporting this de-dollarization trend and seeking membership to contribute to the cause, all occurring under President Donald Trump’s administration.
The alliance is capable of far more when Trump leaves office in January 2029, as the threat of consequences no longer exists. The US and Europe can no longer sit idle on BRICS and risk losing their global power. The bloc has indicated that de-dollarization is a long-term goal, providing ample time to lay groundwork against the US dollar’s supremacy. Consequently, the West must remain vigilant until 2050 to guard its financial fortress or risk losing it altogether.
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