The End Of The Petro-Dollar May Be Upon Us

Vladimir Putin has some concerns

The Russian President is worried about the volatility of digital assets and cryptocurrencies. He believes that we can’t really settle oil trades in digital assets at the moment.

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Putin said that Russia will try to replace US Dollar reserves with digital assets.

Here’s the catch. The US Dollar is the global reserve currency due to its use as the petrodollar.

Countries around the globe have US Dollar reserves.

Putin’s concerns are legit. Crypto currencies fluctuate like crazy.

Coin Telegraph reported this:

The official said that MFA Russia isn’t excluding the possibility of replacing the U.S. dollar with “some digital assets” alongside other currencies:

“It’s possible to replace the U.S. dollar with other currencies, both national and regional, as well as some digital assets in the long term.”

Bitcoin Magazine added more:

The world relies on the U.S. dollar and U.S. treasuries, giving America unparalleled and outsized economic dominance. Nearly 90% of international currency transactions are in dollars, 60% of foreign exchange reserves are held in dollars and almost 40% of the world’s debt is issued in dollars, even though the U.S. only accounts for around 20% of global GDP.

This special status that the dollar enjoys was born in the 1970s through a military pact between America and Saudi Arabia, leading the world to price oil in dollars and stockpile U.S. debt. As we emerge from the 2020 pandemic and financial crisis, American elites continue to enjoy the exorbitant privilege of issuing the ultimate monetary good and numéraire for energy and finance.

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Source: WeLoveTrump

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