Nigeria, Jan. 31 -- To deter BRICS nations from abandoning the U.S. dollar as their reserve currency, Trump said on his Truth social media platform, "We are going to require a commitment from these seemingly hostile countries that they will not produce a new BRICS currency, nor support any other currency to replace the mighty U.S. dollar, or they will face 100 percent tariffs."

The demand for gold and Bitcoin has surged as a result.

"Any country that wants to replace the U.S. dollar in international trade or elsewhere should welcome tariffs and bid America farewell," he continued.

According to data from Binance, Bitcoin was just 5% away from hitting a new all-time high, trading near $104,500. However, President Trump's frequent threats...