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BRICS is working towards building a parallel financial system providing an alternative to the US and Western-led global hegemony. The alliance is using local currencies, launching new payment mechanisms, and rewriting trade deals to its benefit. All of these cause harm to the long-term prospects of the US dollar while their economy reduces dependence on the West. Also Read: China–ASEAN Pact Reshapes BRICS Trade as Yuan Hits New Milestone BRICS: Can Their Parallel Financial System Fully Work? Source: Getty Images The short answer is yes, they can build one. BRICS can build a parallel financial system that works. However, building it and replacing the US and West-dominated financial system is challenging. The challenge occurs as the alliance is a diverse bloc having no common ground. Each economy is still developing, while many others remain poor. They need to maintain a balance in developing their own economy and also that of the alliance. This would involve pouring in more time, energy...

Some followers of Michael Saylor have grown tired of his alliterative naming convention for a ballooning series of MicroStrategy (MSTR) preferred shares. After Strike, Strife, and now Stride, some shareholders just want to call a spade a spade. Indeed, according to several investors, his latest preferreds should be simply junk bonds . Saylor characterized Stride (STRD) as perpetual preferred stock with $100 of liquidation preference paying non-cumulative dividends at 10%. Bullish fans called his invention a “bitcoin black hole,” allowing time-space relocation of capital to benefit current MSTR shareholders with future opportunities. With Stride spinning this black hole, bullish shareholders saw “everything in the financial system being sucked in towards MicroStrategy.” Memes with singularity imagery proliferated across social media. STRD = SAYLOR'S BITCOIN BLACK HOLE In this hyper-charged breakdown, I peel open @Strategy and @Saylor's $STRD preferred shar...

The cryptocurrency market is always welcoming new innovations. That being said, Elon Musk is known for his ardent adoration for Dogecoin and has often been noted as starting how he may one day add Dogecoin to X, enabling a new world for the token to experience and encounter. Given the fact that Musk is already handling a leading governmental department. Can this development become an absolute reality one day? If yes, then how high can DOGE surge, banking on the aforementioned development? Let’s find out. Also Read: De-dollarization Gains Momentum: China and Russia’s Joint Push for a New Global Order Musk’s Potential Plans For X Source: PYMNTS.com Elon Musk has always cultivated grand plans for X, including making the platform a leading financial player in the domain. In a new interview snippet making rounds on the internet, Musk can be noted stating how he envisions X to become a global financial entity in the near future. “Essentially, if done right, X would serve people...

The US dollar has constantly been touted as an active force spurring its own demise. One of the recent statements made by Rosneft CEO Igor Sechin has caught the public eye, where the CEO was noted making comments reflecting on the dollar’s declining prestige and the fact that its usage as a sanctioning tool has helped alternate currencies gain incredible market momentum. Also Read: Ripple: Will XRP Claim $3 Around Christmas 2024? Sanctions Made Dollar Weak Source: Shutterstock The CEO of Rosneft, Russia’s biggest oil firm, was recently documented attending the Doha Forum, where Sechin made statements regarding the declining US dollar stats. The Rosneft CEO primarily touted the dollar’s keen usage as a sanctioning tool as the primary reason for its doom, adding how its consistent use as a sanctioning tool has compelled other countries to search for able and competent currency competitors. In this wake, currencies like the Chinese Yuan have gained significant traction per Sech...

Alex Tapscott told Cointelegraph that bear markets lead to great ideas being formed and new businesses being built. Bear markets often result in investors showing extreme fear in tools that measure the market’s sentiments. However, despite the uncertainties during a crypto winter, some prefer to focus on the opportunities that it can bring.  Alex Tapscott, managing director at Ninepoint Digital Asset Group, told Cointelegraph that the bear market is a time to focus on building. Tapscott highlighted that it's essential to look beyond the market's prices and see the foundations that are being laid. Tapscott explained that: “Crypto winters are always the best time to drill down on these core concepts, do the work and build for the future. The last bear market brought us the NFT revolution, decentralized finance, stablecoins and play-to-earn gaming.” According to the executive, the current bear market will also prepare the groundwork for realizing Web3’s full potential. As an e...