Top Russian diplomat warns of major flight from US dollar

Russian Foreign Minister Sergey Lavrov says the global flight from the US dollar is now inevitable and will accelerate. According to TASS, which is funded by the Russian government, Lavrov told a press conference that many countries simply ignore the sanctions and threats from the United States and Western Europe.

Common wealth of independent nations

As an example of countries ignoring economic sanctions, Lavrov’s CIS (Commonwealth of Independent States) – countries that were part of the former Soviet Union – have already significantly expanded their trade flows regardless of US demands.

“We are seeing a flight from the dollar. Not serious yet, but it will definitely accelerate. This trend is irreversible,” Lavrov said.

“Despite threats to our partners not to cooperate with us, trade flows between the CIS countries are increasing and will grow by more than 6 percent to more than $100 billion in 2022,” the Russian foreign minister added.

What does this mean for Bitcoin?

Basically not much. There are some rumors and stories floating around now that countries like Russia and China are teaming up to compete against the US dollar.

That competitor would then have the currency of the so-called BRICS nations. Chances are they’ll try something, and rumor has it they also want to put gold in that basket.

This would make the US dollar a competitor to gold and would be more reliable than the US currency. However, real competition for Bitcoin’s absolute scarcity of 21 million units won’t be so soon.