Bitcoin to Be Used to Sell Oil in Saudi Arabia? What This Means for The Price of Bitcoin

Bitcoin (BTC) just saw a massive, sharp price surge. Over the past months, many analysts claimed that the bear market is over; the crypto-winter has come to an end. While there was no major crypto bull run, the massive surge in the value of digital currency recently has convinced many that we are in the last days of the crypto-winter. Bitcoin SV and Bitcoin Cash also saw a massive price surge. Bitcoin Cash and Bitcoin SV price tested new monthly highs, with other digital currencies following suit.

The use cases for digital currencies are increasing on a daily basis. More firms, organizations, and governments are beginning to adopt digital money. This has left many digital asset investors in confusion when looking for the best cryptocurrency to invest 2019. The latest trend in the industry is that Saudi Arabia wants to start selling oil using Bitcoin (BTC).

Saudi Arabian Government Threatens to Sell Oil Using Bitcoin Rather than USD – Next Crypto Bull Run

The recent crypto bull run in the crypto space has rejuvenated interest in the industry. The government of Saudi Arabia is about to make a decision that will have a positive impact on the value of Bitcoin (BTC) and the entire cryptocurrency market. Recently, the government said it might start selling its oil using currencies other than the US dollar.

Nevertheless, this will only be implemented if the US government passes the NOPEC bill. The passing of this bill will make the OPEC nations vulnerable and the antitrust laws in the US can sue them. According to a reliable source, the energy sector of Saudi Arabia will do away with the USD if the US government passes the NOPEC bill.

If this happens, more nations might join the movement and dump the US dollar. This might result in a case in which the US Dollar would lose its position as the world’s most powerful currency. This will greatly affect the economy of the US as well as the global economy.

Bitcoin Will Gain a Lot If the US Dollar Losses It’s Status

A crisis in the USD will greatly benefit a lot of actors. The US government should be concerned now that Saudi Arabia is planning to drop the USD. China and Russia are also at the edge of dropping the currency. China recently disclosed its plans to create gold-backed oil futures using Yuan – its local currency. If Saudi drops the USD, China and Russia might follow suit.

Bitcoin price will also be affected by such a crucial change in the market. A crisis in the USD will be an advantage to Bitcoin (BTC). If investors stop using the USD, they will definitely turn to other currencies such as Bitcoin (BTC). This will increase the adoption of Bitcoin (BTC). In turn, Bitcoin price will surge enormously. This might even trigger the next crypto bull run that is being waited for so long. The bullish Bitcoin price prediction 2019 will come to pass and Bitcoin (BTC) will test new record highs.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,865.01
1.90%

At press time, Bitcoin price is $5,089 after an increase of about one percent over the past twenty-four hours. The current market cap of the digital currency is $88.20 billion. The trading volume of the digital currency over the past twenty-four hours is $19.51 billion.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.