Will End of Petrodollar Agreement Boost Bitcoin?

Brian Mahoney, co-founder of Acre, in a note shared with Kitco Crypto, said the decision by Saudi Arabia not to renew its decades-old petrodollar agreement with the U.S. marks a shift toward a “future that is further economically and geopolitically fragmented,” whichm could open the door to “alternative assets.”

“Bitcoin would make sense as an asset to be explored for adoption going forward given its ties to energy companies (through its proof of work consensus mechanism) and the fact that it is the top digitally native asset by market cap in an increasingly digital global economy,” he said.

Saudi Arabia is now able to sell oil using other currencies.

Doctor Profit, a popular bitcoin commentator on X, posted, “The US-Saudi petrodollar agreement ends and won’t be extended. This will force the US to print tons of new USD! From this day, dollar will come under heavy pressure, USD will be printed, inflation will start rising. Bullish for Gold, Bitcoin, Stocks and real estate.”

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