If Petro-Dollar falls, what will happen to Crypto currencies ?

[a4illusionist]

Hi friends,

I know that is a far fetched question, but i believe if you guys believe in the predictions of Simpsons, then this is a very much reality, The fall of Petro-Dollar.

But what will be its impact on the crypto curriencies if it ever happens. I mean what will happen if Petro-Dollar crashes ?

Your opinions please.
Edit: Question in simple (What will happen to cryptos if Dollar falls)

[talkbitcoin]

what the hell is a "petro-dollar"? all i can find about it is the following which is saying it is US dollar that is paid to oil-exporting countries in exchange for oil!
https://www.thebalance.com/what-is-a-petrodollar-3306358
so your question doesn't make any sense at all.

there is also Petro which is the cryptocurrency created by Venezuelan government and that also has nothing to do with other cryptocurrencies if it falls or not.

[Goldleader]

You meant that centralized crypto by Venezuela government ? Probably nothing . The only one affected is probably the person that introduce it

[5thFear]

Well as far as i know, petro dollar is something that is related to the power of dollar because of the oil. And if that is what you are talking about then i have to say that it is going to be a very interesting situation. Lets rephase your question and that would be what would happen if Dollar falls, well i think crypto will fall further.

[a4illusionist]

what the hell is a "petro-dollar"? all i can find about it is the following which is saying it is US dollar that is paid to oil-exporting countries in exchange for oil!
https://www.thebalance.com/what-is-a-petrodollar-3306358
so your question doesn't make any sense at all.

there is also Petro which is the cryptocurrency created by Venezuelan government and that also has nothing to do with other cryptocurrencies if it falls or not.

This is exactly what petrodollar is. It is the world using Dollar in their sale of purchase of everything, that means Dollar is the main currency of the world, but what if, Yuan takes place of dollar or some other currency, then what would be the impact of that on the crypto currency. China already has started planning to purchase oil in Yuan instead of Dollar and if that happens overall the world then Dollar will collapse big time. And with that the economy of USA will also go down, Now my question was that if that happens then what would be the role of crypto in grabbing the market share ?

[IgorShumilo]

Interesting post) If Petro falls, then nothing will happen to the cryptocurrency market. Petro is an interesting experiment in creating a digital currency and I am sure that other countries will soon follow this path and create their own digital currencies. In the coming years, nothing bad will happen to Petro, this experiment has just begun and the most interesting is yet to come.

[qwizzie]

Interesting post) If Petro falls, then nothing will happen to the cryptocurrency market. Petro is an interesting experiment in creating a digital currency and I am sure that other countries will soon follow this path and create their own digital currencies. In the coming years, nothing bad will happen to Petro, this experiment has just begun and the most interesting is yet to come.

Please look at the post above you to see what OP means with Petro Dollar.

[kalstarzz]

I think crypto will be fine, because as long as I monitor crypto the dollar doesn't have a big boost on crypto price movements.

[qwizzie]

I think crypto will be fine, because as long as I monitor crypto the dollar doesn't have a big boost on crypto price movements.

Yeah i agree, i dont think the replacement of the Petro Dollar (USD mostly) by another FIAT currency (Yuan for example) will have a huge impact.
There are already several crypto pairs to FIAT (BTC-EURO / BTC-YUAN / BTC-JPY / BTC-KRW) in place (same with altcoins).
It will just be that the USD will loose it dominance in the world, which is not necessarily a bad thing for the world.
Specially with the huge debt figure attached to the USD ($21.8 trillion in debt), without any signs of an attempt to even control that or bring it down.

Link : http://www.usdebtclock.org/

I do wonder if stablecoins could end up getting used more then FIAT in the long run, specially if a central bank were to issue one.
There is already a move towards cashless society's, so that would fit nicely.

Link : https://www.reuters.com/article/us-sweden-cenbank-cashless/riksbank-predicts-sweden-will-be-cashless-within-five-years-idUSKBN1O327W

[betece777]

I think the dollar has nothing to do with cryptocurrency that might happen if the dollar falls is that people will prefer investment in crytocurrency compared to dollar forex because it won't be profitable if the dollar goes down or vice versa investors in cryptocurrents sell their assets and buy dollars because of the cheap price it might happen so it all depends on where you stand. .

[Red-Apple]

it is not that simple. you are asking about what happens if US dollar is being replaced which can only happen if US economy is tanking and last time that happened the world economy tanked also and as a result your discussion is the same as the old question of "what will happen during a worldwide recession"
and the answer is that nobody can tell you because bitcoin and cryptos are new, it can go either way. we may see bitcoin soar exactly because of this since it is created out of the chaotic world of 2008 when US was tanking and high risk assets such as altcoins may be abandoned during that time as it is customary during recessions.

[NeuroticFish]

Edit: Question in simple (What will happen to cryptos if Dollar falls)

If Petro Dollars with fail, people will use Petro Euro, Petro Yen or whatever. As long as there oil and currencies, some will sell the oil for those currencies. If oil will exist long enough we may even see oil sold for Bitcoin.
And no, I don't think that there's much of a relationship between the "success" of "petro" fiat and the crypto currencies.

[shadowduck]

if the dollar will become weak, the cryptocurrency will become stronger against to the dollar. it is obvious

[Script3d]

Nothing, i bet most of the people doesn't even know this thing existed, it's irrelevant if you compare it to cryptocurrencies, i think people will find alternatives if it falls, we shouldn't worry about this single thing because it won't affect crypto.

[Yudhisthir]

That's just going to topple some oppressive regimes, nothing more. It may also lead to devaluation of some currencies which again would be a boost to crypto adoption. Demand of fossil fuel is said to be on it's peak on 2023. After that we can assume a free fall of gas prices which would again shift the investment from fossil fuel related business to crypto.

[armarsterling7]

that will happen soon when many economists think that inflation will rise very high in 2019 and it will affect the whole world. then people will use their money to buy gold and real estate to avoid losing money.

[i7claufe]

Please link what is Petro Dollar here, because it's very hard to search what it is. Also, I don't watch the Simpsons, but hoping that show predicted crypto's gonna go up soon

[qwizzie]

Please link what is Petro Dollar here, because it's very hard to search what it is. Also, I don't watch the Simpsons, but hoping that show predicted crypto's gonna go up soon

https://www.thebalance.com/what-is-a-petrodollar-3306358

[hesham51]

I don't think that the falling of Petro dollar will add something to crypto market,but investors Will go to buy gold instead, gold will continue to be the way to survive in case any economy collapse.

[KryptoKai]

If petro fails and you are living in venezuela then the population there will have to rely on bitcoins because their own currency is basically worthless and it is hard to get US dollars. Hopefully bitcoin will save the people from starvation and decay