The end of the US-Saudi petrodollar deal marks a significant shift in the global financial landscape, with Bitcoin poised to benefit from the change.

US-Saudi Petrodollar Deal Ends

The deal, which expired on June 9, 2024, allowed Saudi Arabia to sell oil and other goods exclusively in US dollars. However, the country has now decided not to renew the agreement, opening the door to the use of various currencies, including digital currencies like Bitcoin.

Saudi Arabia's New Economic Path

Saudi Arabia has announced its participation in the China-dominated central bank digital currency (CBDC) cross-border trial, Project mBridge. This move underscores the country's commitment to diversifying its economic dependencies and exploring alternative currencies.

How Bitcoin Will Benefit

The anticipated increase in USD printing, driven by the end of the petrodollar deal, is expected to lead to rising inflation. As inflation climbs, the value of fiat currencies like the US dollar tends to erode, making Bitcoin a prime beneficiary of this shift.

Doctor Profit's Analysis

Doctor Profit, a well-known crypto analyst, predicts a bullish trend for Bitcoin, stating that the end of the petrodollar deal will force the US to print tons of new USD, leading to rising inflation. He also notes that the market does not need average people to invest in Bitcoin, but rather the long-term rise in value will be driven by the decentralized and deflationary attributes of the cryptocurrency.

Conclusion

The end of the US-Saudi petrodollar deal marks a significant shift in the global financial landscape, with Bitcoin poised to benefit from the change. The anticipated increase in USD printing and rising inflation will make Bitcoin a prime beneficiary of this shift, as it offers a hedge against inflation and the devaluation of fiat currencies.