Bitcoin Price Prediction as US-Saudi Petrodollar Deal Ends – Will BTC Play a Role?
The recent termination of the US-Saudi petrodollar agreement marks a turning point that could significantly influence Bitcoin’s financial trajectory. This development disrupts a decades-long economic standard and introduces the potential for increased currency diversification globally.
As nations like Saudi Arabia explore alternatives to the US dollar, including various major currencies and potentially digital currencies like Bitcoin, the implications for crypto markets are profound.
This shift may lead to heightened inflation and a reduced reliance on traditional fiat, positioning Bitcoin as a beneficial alternative. This evolving landscape fosters a favourable environment for Bitcoin price predictions, as investors might increasingly view it as a hedge against inflation and currency devaluation.
The recent expiration of the US-Saudi petrodollar deal on June 9, 2024, heralds a significant shift in global financial dynamics, with potential benefits for Bitcoin (BTC). The agreement, which established the US dollar as the primary currency for oil trades with Saudi Arabia, has been a cornerstone of global finance since 1972. Its termination allows Saudi Arabia to diversify its trading options, including the possibility of using various currencies like the Chinese RMB, Euros, Yen, and Yuan, and exploring digital currencies such as Bitcoin.
This transition from the US dollar could accelerate the move towards other currencies and digital assets. Notably, Saudi Arabia has joined the China-led central bank digital currency (CBDC) project, mBridge, which also involves central banks from China, Hong Kong, Thailand, and the UAE.
Dear @SaudiEmbassyUK, please would you give us an update on the (8 June 1974) US-Saudi petrodollar deal,
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