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The end of the US-Saudi petrodollar deal marks a pivotal moment for Bitcoin, as the crypto industry anticipates increased adoption and diverse payment opportunities.
End of US-Saudi Petrodollar Agreement Heralds New Opportunities for Bitcoin and Crypto Industry
With the conclusion of the petrodollar agreement between the United States and Saudi Arabia, the entire crypto industry, including Bitcoin, is on the cusp of a new era. According to CoinGape, this presents a golden opportunity for the industry to expand its horizons and explore the use of various currencies for payment purposes, sparking optimism and excitement for the future.
Bitcoin (BTC) is poised to take advantage of the termination of the US-Saudi petrodollar agreement. Additionally, the financial sector is on the brink of a significant transformation due to Saudi Arabia's decision not to renew its lengthy security agreement with the United States, which expired on June 9, 2024.
Saudi Arabia's strategic decision to sell oil and other products in a variety of currencies, including the Chinese RMB, Euros, Yen, and Yuan, has piqued the interest of the financial sector and the crypto industry. This shift away from relying solely on US currencies opens up a world of possibilities, including the potential utilization of digital currencies such as Bitcoin, sparking intrigue and anticipation for the future.
Shift from Petrodollar System Spurs Global Move Away from US Dollar, Boosts Bitcoin Potential
The most recent development represents a substantial departure from the petrodollar system, established in 1972 when the United States decoupled its currency from gold. Furthermore, the decision is anticipated to expedite the global trend of moving away from the US dollar, with Bitcoin poised to benefit considerably from this shift.
Saudi Arabia has announced Project mBridge, a cross-border demonstration of digital currencies dominated by China's central banks. The action emphasizes Saudi Arabia's dedication to diversifying its economic reliance. The Bank for International Settlements (BIS) disclosed Saudi Arabia's complete involvement in Project mBridge.
Central banks from the UAE, Thailand, Hong Kong, and China are included in the initiative. Josh Lipsky of the Atlantic Council, as reported by Reuters, noted, "The most advanced cross-border CBDC project just added a major G20 economy and the largest oil exporter in the world."
The mBridge platform, currently in the "minimum viable product" stage, is designed to simplify cross-border transactions by utilizing CBDCs. Additionally, the platform is compatible with the Ethereum Virtual Machine, which serves as the foundation of the Ether cryptocurrency network. This creates new opportunities for the exchange of digital currencies.
