DeFI News by Thebittimes.Com

Ace investor Warren Buffett announced his retirement at the age of 94 during Berkshire Hathaway’s 60th annual shareholders summit on Saturday and joined the de-dollarization bandwagon issuing a stark warning by bluntly saying that the U.S. dollar is a currency that’s “going to hell” . Warren Buffett’s statements coincide with the developing countries who are looking to sideline the U.S. dollar through the de-dollarization initiative. “We would not really invest in a currency that’s going to hell,” he said at the 60th annual shareholders summit. Also Read: De-Dollarization: Goldman Sachs Says These 3 Asian Currencies Could Take Over De-Dollarization: Warren Buffett Considers Investing in Foreign Currencies Next, Not the U.S. Dollar Source: Investopedia / Getty Images The 94-year-old Warren Buffett hinted that Berkshire Hathaway would consider investing in foreign currencies and not the U.S. dollar for better prospects, mimicking the de-dollarization trend. “There could be things happen...

BRICS member China thinks it is spearheading the de-dollarization campaign by convincing developing countries to ditch the US dollar and trade in local currencies. While a handful of emerging economies have agreed to China’s demands, they are only acting out of self-interest. China is under the illusion that it has kick-started the de-dollarization agenda while in reality, developing countries are only seeing what benefits them. Not just other emerging economies, even BRICS members are using China when it suits them the best. Also Read: BRICS No Longer Attaching Importance to the US Dollar For instance, BRICS counterpart India agreed to end dependency on the US dollar and settle trade in local currencies. For over a year, India paid the Chinese yuan to procure oil from Russia at a discounted price due to the sanctions. India saved $7 billion by paying local currencies between 2022 to early 2024. However, both Russia and China kept demanding India pay the Chinese yuan or the Russia...