⚠️Very important ⚠️
There is hysteria among Americans everywhere with headlines claiming, "Saudi Arabia has informed the Biden administration that it will not renew the petrodollar agreement."
I believe the first thing we will notice is the fluctuation of stablecoins pegged to the US dollar, such as USDT, USDC, and other stablecoins. Consequently, people will flee these currencies to buy Bitcoin in the cryptocurrency markets and will escape from the dollar to buy gold and silver in global markets. Notably, the latest report indicated massive gold purchases by China in recent months, as if they are preparing for something imminent.
I don't think events will unfold rapidly overnight, so we will have to wait and see the market's reaction from Monday and over the coming weeks. Since there are future contracts that will be settled in dollars between countries, the impact might be delayed and not as immediate as some exaggerate.
However, the non-renewal of this 50-year agreement will undoubtedly shift significant economic balances.
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