• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Sensei Inu Logo

Saudi Arabia Pushing USD to the Brink is Good for Bitcoin, Here’s Why

Davit Babayan by Davit Babayan
4 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read

The bitcoin price must have woken the world with its giant bullish movements. But a more optimistic case for the cryptocurrency is building up outside its realm.

Saudi Arabia threatened to conduct its oil trades in currencies other than the US dollar if Washington passes the NOPEC bill. According to Reuters’ sources, Riyadh was annoyed with its Washington counterparts over NOPEC, a bill that will expose OPEC nations to be sued under US antitrust law. The sources said that the Saudi energy officials were discussing the matter internally and a proposal to dump Petrodollar was on the table.

In the improbable event the Riyadh ditches the dollar, it would propel other oil-dependent nations to do the same. Such a scenario would hold power to displace the greenback as the world’s reserve currency. Furthermore, it would destabilize the US’ top position in the global economy.

“The Saudis say: let the Americans pass NOPEC, and it would be the U.S. economy that would fall apart,” the Reuter source warned.

Dollar Diplomacy in Shambles

The warning followed huge speculations concerning the development of a non-dollar oil market led by China and Russia. The political tensions between Washington and its eastern counterparts had prompted China to plan gold-backed oil futures in Yuan.

America’s war machine runs on, is funded by, and exists in protection of oil. Threats by any nation to undermine the petrodollar system are viewed by Washington as tantamount to a declaration of war against the United States of America. https://t.co/sGiqih7fvk

— Aly-Khan Satchu (@alykhansatchu) April 5, 2019

China wants to do what the US did under President Richard Nixon’s regime. They would offer OPEC nations with technology, weapons, and whatnot in return for making Yuan a default settlement asset. And since it would be gold-backed, the new Yuan would be less prone to running into issues that currently surrounds the inflation-friendly dollar. In the longer run, Yuan would be catastrophic for the greenback. It would be a blow to the US government that use dollar diplomacy as a tool to bully other nations into political submissions.

Today, even a developing country like North Korea can bully a superpower like the US: by threatening to launch a ballistic nuclear missile and flatten an entire city. Because, in these times, getting access to value is far more comfortable than it was before. China may want to do that using digitized gold-reserves. And North Korea may do the same using bitcoins.

Gold and Bitcoin Could Emerge

As long there is a political or economic mishappening, investors would keep turning away from the organizations that caused it. It is unlikely the US would risk its entire economy over a just bill. But eventually, events like these would inject negativity into the veins of those economies that are directly dependent on the dollar. That could mean a slow and steady, and almost partial exit from the dollar system. Countries would move back to gold. And people, maybe, to bitcoin.

Saudi Arabia’s warning to the US is also a lesson to the people who trust that their paper bills hold any value. Well, they arguably don’t.

Tags: bitcoinpetrodollarSaudi Arabia
Tweet123Share266ShareSend
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

chainlink

Chainlink (LINK) Spikes 6% On The Weekly Chart As Market Sees Correction

6 hours ago
Bitcoin price

Crypto Analyst Says Prepare For 100% Increase In Bitcoin Price As Historical Pattern Forms

9 hours ago
Bitcoin price

Will Bitcoin Drop To $20,000? EURUSD Correlation Indicates It Might

11 hours ago
Tron TRX

Tron Price Prediction: TRX Could Rally To $0.095 and Outperform Bitcoin

15 hours ago
Ethereum

Ethereum Price Just Saw Bearish Breakdown: Can Bulls Save The Day?

15 hours ago
Bitcoin

Bitcoin Price Grinds Lower And Seems Like Bears Are Not Done Yet

17 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Everlodge (ELDG)’s Electrifying Presale: Stealing the...

    2 hours ago
  • Litecoin (LTC) and Chainlink (LINK) Holders Dive into...

    2 hours ago
  • Discover the Yesgo (YESGO) Listing on XT.COM and Launch on...

    3 hours ago
  • Ex-SEC Chief Optimistic About Bitcoin ETF Approval...

    7 hours ago
  • Bitcoin (BTC) Stays at $27K; Bullish Hints from Aave (AAVE)...

    8 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.