Bitcoin
Bitcoin will benefit from the end of the US-Saudi petrodollar deal
In the latest development, Saudi Arabia has decided not to renew its petrodollar agreement with the US. This measure will allow Saudi Arabia to sell oil and other goods in multiple currencies, which will include the Chinese RMB, Euro, Yen and Yuan, instead of just US Dollars. Its long-standing security agreement with the US expired on June 9, 2024. This move will largely benefit Bitcoin as US inflation rates could rise to unprecedented levels, eroding the value of fiat currencies like the US dollar, which will drive investors to explore alternative assets.