• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • 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
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • 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
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers

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

Ethereum Price Eyes More Gains

Ethereum Price Regains Strength But Key Downtrend Resistance Intact

22 hours ago
Bitcoin

Bitcoin Price Trims Losses But Key Breakout Resistance Is Still Intact

23 hours ago
Ripple

Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

1 day ago
Aave

Aave Extends Losses But Here Are The Short Selling Targets

1 day ago
Bitcoin (BTC)

Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations

1 day ago
Ethereum

Ethereum Price Bearish Breakdown – Why Drop Isn’t Over Yet

2 days ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Bitfinex and GoCrypto announce the listing of the GoC token

    10 hours ago
  • Fetch (FET) and InQubeta (QUBE) Overtake AltSignals in the...

    11 hours ago
  • Atomic Wallet Hack Reiterates Importance of AI Cryptos To...

    13 hours ago
  • How to Save On Trading Fees Using the Best Analytic...

    14 hours ago
  • Missed out on Miladys (LADYS)? Don’t Fade Uwerx...

    16 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
  • 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
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 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.