Saudi Arab has reportedly ended the dollar system,What is the real situation?

Saudi Arab reportedly did not renew “its 50-year petrodollar agreement with the US ”. An agreement that expired on Sunday, June 9, 2024, it is said here and there.

While it is permissible to doubt the existence of a half-century-long agreement, it was indeed in 1974 that the petrodollar emerged. Three short years after the end of the Bretton Woods agreements.

let’s remember that the Saudis joined the BRICS club at the beginning of the year, and this alliance openly advocates for de-dollarization.

That being said, it will not be easy to entirely replace the dollar. A new pivot (standard) currency is essential. What will it be? Gold? We all know how the Gold Standard ended…

Moreover, the West will need to accept it, which is far from certain. A multipolar world could instead lead to a fragmentation of payment systems. The solution is a currency outside governmental control, a stateless currency.

This currency must be an absolute store of value while being an international payment system from which no nation could be banned. We are indeed talking about Bitcoin and its decentralized architecture.