A BRICS gold-backed currency won't work because the member nations don't trust each other, as shown when Russia's Putin was barred from a South Africa summit. The speaker questions how you'd physically move gold and verify China's holdings. Money solves trust problems, he argues, so a currency needs a neutral settlement layer. He suggests Bitcoin is the only alternative.
Sure, the BRICS, they're going to have a new currency, right? A gold-backed currency. They can't even trust each other. At the last meeting in South Africa, they were going to arrest Putin if he went to the meeting. Putin from Russia, the R in BRICS, couldn't go to the S in South Africa. But yeah, sure, they're going to trust each other. And even if they could, what, they're gonna once a month load up pallets of gold on a plane and ship it across the sea or put it onto airplanes? How do I know if China really has the gold they say they have? How do I know that they'll actually deliver it to me if I need it and want it? What was the problem What's the problem that money originally was created for? To solve trust. What's the problem today? There's no trust. The world needs a neutral settlement layer and a neutral reserve asset, period. And if it's not Bitcoin, then what?
