Fintech
Bitcoin will benefit from the end of the US-Saudi Arabia petrodollar deal
In the latest development, Saudi Arabia has decided not to renew its petrodollar deal with the United States. This move will allow the Saudis to sell oil and other goods in various currencies, including Chinese RMB, euro, yen and yuan, rather than exclusively in US dollars. Its long-standing security agreement with the United States expired on June 9, 2024. This move will largely benefit Bitcoin, as inflation rates in the United States could rise unprecedentedly, eroding the value of fiat currencies such as the US dollar, which will push investors to explore alternative assets.