SAUDI ARABIA DITCHES THE PETRO-DOLLAR AGREEMENT ANY IMPACT ON CRYPTO MARKETS ?

What is the PETRO-DOLLAR agreement?

On June 8th, 1974, Saudi Arabia agreed to sell crude oil 🛢️🪔 and all oil products in the United States Dollars in favor of receiving military assistance and equipment from the United States of America.

However, in a drastic sentimental shift, Saudi Arabia has not renewed the 50 year agreement entered into, the move where Saudi Arabia is ending her dependency on the USA dollar, shifting to a multi currency sales system for oil.

This however cannot just come without the input of BRICS countries, a 10 member group of Nations with a different ideology to the new world order. The BRICS countries includes Russia, China, Brazil, India, South Africa as well as new member Nations like Iran and Saudi Arabia.

Is the economic block about to launch it's currency to replace the use of the USA dollar for international trade?

BRICS countries have not yet come up with a common currency for use in the block but have hinted on a Blockchain technology based system for it's cross border payments. Does this pose any significant impact on the dollar? How is this going to affect crypto markets in the long run?

Following that most cryptocurrencies are traded for stable coins especially USDT whose value seems to be tied to that of the dollar, any significant depreciation of the USA currency I personally feel will impact the crypto markets as well whether positively or negatively.

Will this move lead to Biden and the USA political elites support the despised cryptocurrencies?

We can only wait and see.

In the meantime, although there are down trends in prices, $BNB , $SOL and $BTC are cryptocurrencies worth investing your money in.

Remember, DOYR. this is not investment advice.

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