Three of the newest members of BRICS—Argentina, the UAE, and Ethiopia—have begun mining Bitcoin using government resources, according to Matthew Sigel, Head of Digital Assets Research at investment firm VanEck.

An Emerging Trend Among BRICS Nations

This move highlights an emerging trend among BRICS nations toward exploring digital assets for economic resilience and financial independence. The BRICS coalition, which now includes six additional nations, boasts a combined GDP larger than that of the G7, signaling a significant shift away from traditional Western financial systems.

Bitcoin Mining Initiatives

Three of the six new members of BRICS—the UAE, Argentina, and Ethiopia—are actively mining Bitcoin with government resources. This initiative is part of a broader strategy within the coalition to leverage digital currencies for economic benefits.

Russia’s Sovereign Wealth Fund is also investing in Bitcoin mining across BRICS countries. The goal is to establish a regional system for settling international trade using Bitcoin, potentially reducing reliance on the U.S. dollar.

For many, Bitcoin represents a decentralized financial tool that could provide BRICS countries with an alternative to dollar-dependent systems.

A Bullish Market for Bitcoin

In a recent interview, Sigel described the current market setup as very bullish for Bitcoin, drawing comparisons to the 2020 U.S. election. He noted that Bitcoin’s recent rally aligns with increased betting odds for a Trump win and a pattern of high volatility following election results.

The Importance of Bitcoin Mining

Bitcoin mining, the process of creating new Bitcoins and verifying transactions on the blockchain, requires substantial energy and infrastructure. Despite these demands, it offers BRICS nations a means to conduct trade independently of the dollar’s influence.

Stay updated with the latest cryptocurrency news and trends by exploring more news on Global Crypto News.

#CryptoUpdates #DigitalAssets

Post Views: 2