Bitcoin Price Forecast as the United States and Saudi Arabia Petrodollar Agreement is Terminated
The United States and Saudi Arabia petrodollar deal has recently come to an end, and this is a pivotal point that may remarkably affect the price of Bitcoin in coming months. The end of this deal creates the possibility for more variations in currency worldwide.
Due to the fact that other countries, including Saudi Arabia are starting to consider different currencies, aside from the United States dollar; it's increasing the possibility of more adoption of digital assets such as Bitcoin (BTC), which raises the impact on the cryptocurrency industry.
The impact of this may be seen in increased inflation, and in the decline in trust on the conventional fiat; which favors BTC as an option. This new development has caused major investors to see BTC as a hedge against inflation.
At the moment, Saudi Arabia has connected with mBridge; which is a program with the Central Bank Digital Currency (CBDC), that is spearheaded by China. Saudi Arabia has further connected with China's Central Banks. This development increases possibilities for digital assets such as BTC, and other currencies.