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A lot of hullabaloo is made about Saudi Arabia’s 50-year-old oil trade agreement with the U.S. dollar, commonly called the petrodollar. News is now doing the rounds that the deal was first signed in 1974 when Saudi Arabia agreed to accept the U.S. dollar for oil trade around the world. Also Read: Russia Makes Major Announcement About BRICS Currency The latest news reports indicate that the petro dollar agreement has ended and Saudi Arabia is free to ditch the U.S. dollar . However, in reality, no such agreement exists on paper and the deal is only someone’s figment of imagination. Declassified documents from the White House in 1974 show that no deal on the petro dollar exists. Petrodollar: What Next For the U.S. Dollar? Source: ShutterStock The answer is simple, the petro dollar is still in place and the U.S. dollar is the de facto currency for oil payments. Saudi Arabia announced two years ago that the Kingdom is open to accepting local currencies for...

Strike CEO Jack Mallers, an ardent Bitcoin (BTC) advocate, has announced his move away from fiat currency, opting to go all-in with Bitcoin. In a Jan. 3 X post, Bitcoin enthusiast and visionary Jack Mallers announced his complete divestment from the US dollar , stating, “I no longer own any US dollar s. Not even a penny.” I no longer own any US dollar s. Not even a penny. As an American millennial, I love our country but I oppose our money. I'm all in on #Bitcoin. Setting my sails toward prosperity or going down with the ship. I believe it's important to take a stance now more than ever 🫡 pic.twitter.com/XhWPfQzG3d — Jack Mallers (@jackmallers) January 2, 2024 Mallers’ decision comes amid his concerns about the state of the US economy and the devaluation of its currency. He expressed his love for America but criticized the nation’s monetary policies, particularly since the abandonment of the gold standard in 1971. You might also like: ...

An onslaught of Bitcoin ETF applications could help BTC price find long-lasting support at the $30,000 level. The S&P 500 Index (SPX) snapped a five-week winning streak last week but it is still on track to close the first half of the year with stellar gains of nearly 13%. The tech-heavy Nasdaq Composite has done much better as it is up about 29%. Both these indices have been overtaken by Bitcoin (BTC) which has risen nearly 83% year-to-date. Bitcoin’s bullish price action and the recent rush by several firms to apply for a Bitcoin spot exchange-traded fund seem to have attracted institutional investors’ attention. Bloomberg senior ETF analyst Eric Balchunas highlighted on June 26 that the ProShares Bitcoin Strategy ETF (BITO) — a Bitcoin futures fund — witnessed its largest weekly inflow in a year. Daily cryptocurrency market performance. Source: Coin360 Another bullish view was that of LookIntoBitcoin founder Philip Swift who said in his latest research that Bitcoin’s RHODL rati...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses if Bitcoin is safer than the U.S. dollar, considering the impending risk of debt default. On today’s episode of The Market Report , analyst and writer Marcel Pechman discusses if Bitcoin (BTC) is safer than the United States dollar , considering the U.S. government’s risk of defaulting on its debt. He also covers why Bitcoin’s $28,000 resistance will not be a walk in the park and, finally, what is happening between Celsius, Ethereum and Lido staking. The show airs every Tuesday on the Cointelegraph Markets & Research YouTube channel. The first news article covers a Bloomberg Markets survey showing Bitcoin as a top 3 asset in the event of a U.S. debt default. For Pechman, it is no surprise that Bitcoin trumps fiat currencies in investors’ picks, considering the central banks from the eurozone, Japan, Canada, England and Switzerland boosted their borrowing programs from the U.S. Federal Reserve ...