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However, not extending this 50-year agreement will certainly change the economic balance significantly
I don't think events will unfold overnight, so we'll have to wait and see how the market reacts from Monday and over the coming weeks. Since there are futures contracts that will be settled in dollars between countries, the impact may be delayed and not as immediate as some hype suggests.
I believe the first thing we will notice is the volatility of stablecoins pegged to the US dollar, such as USDT, USDC and other stablecoins. Therefore, people will flee these currencies to buy Bitcoin in the cryptocurrency market and will flee from the dollar to buy gold and silver in the global market. Notably, the latest report shows that China has been buying gold massively in recent months, as if they were preparing for something that is about to happen.
Americans everywhere were hysterical with headlines declaring, “Saudi Arabia has informed Biden administration that it will not renew petrodollar deal