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Home»Bitcoin»Petrodollar Deal Falling Apart: Will Bitcoin Reap the Benefits?
Bitcoin

Petrodollar Deal Falling Apart: Will Bitcoin Reap the Benefits?

2024-06-11No Comments3 Mins Read
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  • The non-renewal of the US-Saudi Arabia agreement is causing unrest in global financial markets.
  • Analysts are tipping gold and Bitcoin as hedging tools amid fears the dollar could fall.

Saudi Arabia has not renewed its 50-year-old Petrodollar deal with the United States of America, which expired on June 9, sparking speculation about the potential impact on the global financial system and the Bitcoin [BTC].

The Petrodollar deal, struck in 1974, assured Saudi Arabia of US military aid, security and economic development support if the oil-rich country sold its wealth in USD.

Interestingly, the deal came three years after the US abolished the gold standard.

Without an extension of the Petrodollar, Saudi Arabia can sell its oil in any currency it wants.

Last week, Saudi Arabia Reportedly has joined a Chinese-led cross-border trial based on CBDC (Central Bank Digital Currency).

Analysts viewed this move as a step towards

“A smaller share of world oil trade takes place in US dollars.”

Will the Failure of the Petrodollar Deal Fuel BTC and Gold?

According to crypto analyst Doctor Profit, the fact that the Petrodollar deal has not been extended could push the US to print more dollars. The analyst noted,

“The US-Saudi petrodollar agreement is ending and will not be renewed. This will force the US to print tons of new USD! From this day on, the dollar will come under severe pressure, the dollar will be depressed and inflation will begin to rise. Bullish for Gold, Bitcoin, Stocks and Real Estate.”

Another user on social media platform X (formerly Twitter) echoed the same sentiment and declared,

“There are two main outcomes: massive $USD inflation, which will make everything you’ve seen so far look like child’s play. Huge movements in gold, silver, #Bitcoin and commodities. Only the Third World War could prevent that.’

The ‘Bankless’ podcast also tackled the topic, exploring its potential impact and how to prepare for its effects.

See also  Bitcoin price is still vulnerable unless it climbs past USD 26,500

The guest of the podcast, a market analyst Lucas Gromenurged people to prepare for a market shift and summarized how he would do the same.

“I see no interest in paying out long-term government bonds. That makes no sense to me. Then I would take 20%-30% and put it into gold and Bitcoin. And then I went to the beach.”

In other words: Gromen foresees inflation and sees gold and BTC as the best hedge against it after the non-extension of the Petrodollar deal.

Next: NO, WIF faces sharp sell-off: a look at key market indicators

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