BRICS: This is Why Gold Will Replace the Dollar, According to an Expert

James Hickman, founder of Sovereign Man, said that gold could soon displace the US dollar, citing developing countries and the BRICS that consider holding the US dollar in reserves risky.

According to him, the risk comes because the US debt has exceeded the country’s GDP in 2024:

The US federal debt is a national embarrassment. At $35 trillion, the debt is far larger than the entire US economy and is getting worse every year.

Toy added, that while the Americans are selling shares of ETFs for gold, the central banks of the BRICS countries are acquiring it. Therefore, if the US economy were to collapse, holding gold in reserves could help their economies better cope with the collapse since they are not solely dependent on the dollar.

Hickman also pointed to the emergence of major warning signs that gold has a chance to replace the dollar, as people in the US have started to sell it and the BRICS countries are started to buy it:

North American investors sold shares in gold ETFs worth more than $4 billion in the first four months of this year, with $2 billion of that sold in the month of April alone.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.