FX.co ★ USD has to fight for its dominance again

The US authorities are worried about the decline of the dollar's dominance. The White House believes that the growing influence of BRICS and several countries aiming for de-dollarization will weaken the status of the world’s top currency.

According to Hakan Topkurulu, Deputy Chairman of the Turkish Vatan (Homeland) Party, the reduction in the use of dollars in global trade is a kind of nightmare for the United States. In his opinion, Washington is seriously afraid of BRICS' increasing influence and the acceleration of the de-dollarization process.

Recently, Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., has warned that BRICS is exploring ways to reduce dependency on the dollar.

According to the politician, Jamie Dimon’s statement shows growing concerns on the other side of the Atlantic. The fact that a NATO member like Turkey is applying to join BRICS gives the impression that this trend will intensify.

Hakan Topkurulu supposes that America’s worst nightmare is that the use of dollars in savings and international trade will shrink significantly.

He also believes that now the United States is thriving by printing massive amounts of money.

Earlier, Kim Schmitz, the founder of the Megaupload file-sharing platform, said that BRICS’ push for de-dollarization should be supported. Valentina Matviyenko, Chairwoman of the Federation Council, agreed, noting that the SWIFT payment system and the dollar had discredited themselves. She previously stated that BRICS was planning to create a multilateral digital settlement and payment platform called "BRICS Bridge." According to Valentina Matviyenko, Russia’s Ministry of Finance and the Central Bank are currently preparing a report on the matter.