As an analyst with experience in global economics and geopolitics, I believe that Turkey’s interest in joining the BRICS alliance is a strategic move aimed at enhancing its role in Middle Eastern politics and economic advancement. The country’s alignment with the core intentions of BRICS to liberate developing nations and potentially challenge the US Dollar hegemony is a compelling reason for this move.
As the BRICS alliance (consisting of Brazil, Russia, India, China, and South Africa) expands, Turkey has expressed a desire to become a part of this influential grouping.
Turkey, BRICS, and Bitcoin
Based on a previous report from the South China Morning Post (SCMP), during my analysis of the developments, I came across the revelation made by Turkish Minister of Foreign Affairs Hakan Fidan during his state visit to Beijing. He confirmed Turkey’s commitment to the BRICS initiative, emphasizing our shared goal of empowering developing nations.
Turkey has significantly influenced Middle Eastern politics and economic development for decades. Despite no significant sanctions from major Western powers such as the United States and the UK, Turkey faces economic challenges. A possible motivation for Turkey’s consideration to join BRICS could be an attempt to challenge the dominance of the US Dollar.
As an analyst, I would express it this way: The US dollar’s predominance has long been a point of contention among BRICS members, leading many countries to join forces over the past year. We, as part of this alliance, view the US dollar as a hindrance to our collective potential. In response, some BRICS nations, such as India, Iran, and Saudi Arabia, have initiated local currency transactions as a bold statement to the United States.
Among the member countries, there is ongoing deliberation over whether to adopt a single currency, but no decision has been made yet. Bitcoin, known for being borderless, is under consideration by BRICS as one potential asset. For Turkey, whose economy and currency are severely affected by high inflation, Bitcoin holds appeal.
As a researcher studying the economic landscape of Turkey, I’ve noticed that many Turkish residents have a strong background in digital trading, including Bitcoin. With the recent focus on modernizing the digital economy as part of Turkey’s pursuit to join the BRICS group, it appears that the potential role for Bitcoin is becoming increasingly plausible.
Not Everyone Wants To Join BRICS
While many countries are vying to join the BRICS group, Argentina just pulled off from the pursuit.
Javier Milei’s presidency in Argentina has significantly shifted the nation’s priorities in various areas. Contrary to his reputation as a champion of Bitcoin, Milei holds a strong pro-US Dollar stance, which goes against the principles of BRICS (Brazil, Russia, India, China, and South Africa).
Joining this bloc is a complex and time-consuming procedure, but the organization is currently undergoing growth. Turkey’s potential inclusion could significantly alter the dynamics of the group.
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2024-06-05 00:04